Another corporate seller is taking advantage of the white-hot investment market. Deutsche Bank (NYSE: DB
) has agreed to sell and lease back its North American headquarters tower at 60 Wall St. in Lower Manhattan for nearly double what it acquired the property for six years ago. Paramount Group Inc. will pay nearly $1.2 billion for the 47-story Class A building.
As part of the deal, Deutsche Bank signed a 15-year lease for the entire 1.6 million-square-foot office building. The bank does not plan to adjust the number of employees at the site, it said in a statement.
Deutsche Bank's Commercial Real Estate Group has agreed to provide financing to Paramount for the deal. Details could not be learned.
The tower was developed in 1988. Deutsche Bank paid $610 million or $372.90 per square foot to acquire the property from JPMorgan Chase & Co. in 2001.
The property includes 20,000 square feet of retail space and a private underground parking garage.
The building is known in the area for its four-story atrium on Wall Street, an enclosed half-acre park complete with waterfalls, seating areas and lush plantings.
Deutsche Bank Securities Inc. served as advisor to the bank and CB Richard Ellis served as its real estate consultant.
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