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GIC leads $1.04 billion investment in office tower in downtown Manhattan

Published 01/24/2017, 08:12 PM
Updated 01/24/2017, 08:20 PM
© Reuters.  GIC leads $1.04 billion investment in office tower in downtown Manhattan

SINGAPORE (Reuters) - Singapore sovereign wealth fund GIC Pte Ltd and Paramount Group (N:PGRE) have formed a joint venture to acquire office tower "60 Wall Street" in downtown Manhattan for $1.04 billion.

The JV, in which GIC has a 95 percent share, is paying $640 per square foot for the 47 storey tower that also serves as the U.S. headquarters of Deutsche Bank (DE:DBKGn), a joint statement said.

GIC, which is among the more established real estate investors in the world, has more than 350 property-related investments in over 40 countries.

These include investments in the Time Warner Center in New York and assets in the United Kingdom, Japan and Australia.

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