Commercial Property News - May 4, 2007
The Paramount Group has purchased 60 Wall Street from Deutsche Bank for $1.18 billion in a 15 year sale leaseback agreement. The 47-story, 1.6-million-square-foot building sold for $750 per square foot, a record for lower Manhattan. The sale price is nearly double the $610 million Deutsche Bank paid for the building in 2001. Deutsche Bank will keep its North American headquarters in the 19-year-old building as part of the agreement.
"The sale enables us to redeploy our capital to our operating businesses while realizing an attractive return for our shareholders," a Deutsche Bank spokesperson told CPN today.
The sale of the property is expected to produce a pretax gain of approximately $435 million in 2007. Deutsche Bank's Commercial Real Estate Group is providing financing to Paramount for the transaction. Deutsche Bank Securities Inc. acted as advisor to the bank and CB Richard Ellis Inc. provided real estate consulting services.
Built in 1988 by JP Morgan, it served as that company's headquarters until its merger with Chase.
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