Singapore sovereign wealth fund GIC has acquired a 95% stake in a lower Manhattan skyscraper from Paramount Group, in a deal that values the building at $1.04bn.
The 47-storey tower at 60 Wall St. offers 1.6m sq ft of space and counts Deutsche Bank among its tenants.
The German bank sold the building to Paramount in 2007. The latter will retain a 5% stake in the property and will remain as manager. The joint venture also completed a $575m financing related to the purchase.
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