GIC Pte. Ltd. and Paramount Group, Inc. acquired 60 Wall Street from Paramount Group Real Estate Fund III, L.P., Paramount Group Real Estate Fund II, L.P and Morgan Stanley Real Estate's Special Situations Fund III, fund of Morgan Stanley Real Estate Investing, for $1 billion.
January 23, 2017
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GIC Pte. Ltd. and Paramount Group, Inc. (NYSE:PGRE) acquired 60 Wall Street from Paramount Group Real Estate Fund III, L.P., Paramount Group Real Estate Fund II, L.P. and Morgan Stanley Real Estate's Special Situations Fund III, fund of Morgan Stanley Real Estate Investing, for $1 billion on January 24, 2017. The 1.6 million square foot Class A office tower was acquired at $640 per square foot. In connection with the acquisition, the buyers completed a $575 million financing of the property. Subsequent to the acquisition, Paramount will maintain its 5% ownership interest and continue to serve as the property’s manager. Andrew Scandalios of HFF acted as broker for the seller. Nancy Olson and David Polster
of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors for GIC Pte. Ltd.
GIC Pte. Ltd. and Paramount Group, Inc. (NYSE:PGRE) completed the acquisition of 60 Wall Street from Paramount Group Real Estate Fund III, L.P., Paramount Group Real Estate Fund II, L.P and Morgan Stanley Real Estate's Special Situations Fund III, fund of Morgan Stanley Real Estate Investing, on January 24, 2017.
Paramount Group, Inc. specializes in the holding and management of Class A office buildings in the United States.
At the end of 2022, the group's real estate portfolio, with a total rental area of 1,282,062 m2, amounted to USD 6.8 billion in market value.
GIC Pte. Ltd. and Paramount Group, Inc. acquired 60 Wall Street from Paramount Group Real Estate Fund III, L.P., Paramount Group Real Estate Fund II, L.P and Morgan Stanley Real Estate's Special Situations Fund III, fund of Morgan Stanley Real Estate Investing, for $1 billion.