May 7, 2007
Paramount Group, Inc. enters $1.2 billion sale-leaseback agreement with Deutsche Bank AG for 60 Wall Street.
On May 4, it was announced that Willkie client Paramount Group, Inc. entered into a $1.2 billion sale-leaseback agreement with Deutsche Bank AG for 60 Wall Street. Paramount has agreed to pay approximately $738 per square foot for the 47-story, 1.6-million-square foot class A building. Signing a 15-year lease, Deutsche Bank will maintain its North American headquarters in the building. One of the largest privately owned real estate, acquisition, redevelopment and management firms in New York City, Paramount Group currently owns over 8 million square feet of commercial office space in Manhattan’s Midtown and Downtown Financial Districts. The deal was handled by partners Eugene Pinover and Robert Bressman; and associates Mal Serure and David Drewes.