GIC, a Singapore-based global investment firm, has formed a joint venture with Paramount Group and acquired the office tower – 60 Wall Street – for $1.04 billion in Manhattan.
In this partnership, Paramount owned approximately 5 per cent of the property through certain private equity funds. The company will manage and maintain its share of property and continue to act as property manager. The partnership has completed the payment of $575 million till now.
60 Wall Street is located in the Financial District of Downtown Manhattan. This class A and LEED Silver certified office tower incorporates 1.6 million sq. ft. of area distributed in 47 floors.
According to Adam Gallistel – Regional Head of Americas at GIC – Investing in 60 Wall Street is showing their confidence in Downtown. He expected that this investment is for the long-term benefit from the ongoing downtown renaissance.
“We are also very happy to expand our partnership with Paramount, which is among the leading owners, operators and managers of Class A office properties in the U.S.” He added.
Source: Business Wire