The building at 60 Wall Street in Manhattan, which is Deutsche Bank’s U.S. headquarters, sold for more than $1 billion last month. The sale of the 47-story, 1.6 million-square-foot tower is New York’s first billion-dollar commercial transaction of the year.
Kasowitz, Benson, Torres & Friedman partner Wallace L. Schwartz and associate Christy J. Mazzola represented the seller, a private equity fund managed by Paramount Group.
The buyer was a joint venture consisting of Singaporean sovereign wealth fund GIC, and an equity fund managed by Paramount, which subsequent to the deal will retain a 5 percent stake in the trophy building as its landlord and manager, according to published reports. The building is fully leased to Deutsche Bank as part of a 2007 sale-leaseback deal with Paramount and former owner Morgan Stanley.