It’s the biggest sale in downtown history.
The Paramount Group has purchased 60 Wall Street from Deutsche Bank for $1.2 billion. The 47-story, 1.6-million-square-foot building sold for a jaw-dropping $750 per square foot, by far and away a new benchmark for lower Manhattan. The sale price is nearly double the $610 million Deutsche Bank paid for the building in 2001.
“This sale is an enormous sign in the long-term confidence in the lower Manhattan office market,” Eric Deutsch, president of the business-booster group Alliance for Downtown New York, told The Observer.
There are lots examples of lower Manhattan’s full rebound since Sept. 11, 2001 including deals for a W Hotel at 123 Washington Street and a new Tiffany’s store on Wall Street.
But this landmark sale is the clearest sign that there is total belief in the entirely rejuvenated downtown office market.
In addition to the sale, Deutsche Bank will keep its North American headquarters in the 19-year-old building and has signed a lease renewal for an additional 15 years.
Albert Behler’s Paramount Group, which owns more than 6 million square feet of office space in Manhattan, now has an elite trophy to add to its portfolio, alongside 1633 Broadway, 1177 Avenue of the Americas and 32 Old Slip.