GIC leads $1.48b investment in office tower in downtown Manhattan

SINGAPORE - Singapore sovereign wealth fund GIC Pte Ltd and Paramount Group have formed a joint venture to acquire office tower "60 Wall Street" in downtown Manhattan for $1.04 billion (S$1.48 billion).

The JV, in which GIC has a 95 percent share, is paying $640 per square foot for the 47 storey tower that also serves as the U.S. headquarters of Deutsche Bank, a joint statement said.

GIC, which is among the more established real estate investors in the world, has more than 350 property-related investments in over 40 countries.

These include investments in the Time Warner Centre in New York and assets in the United Kingdom, Japan and Australia.