With the new year comes new conquests for companies and businesses. Many are selling their companies in order to better satisfy not only customers but shareholders. Some companies are joining together in order to further their profit because isn’t the age old saying “two heads are better than one?”
Singapore wealth fund GIC Pte Ltd and Paramount Group have come together to obtain tower 60 Wall Street located in downtown Manhattan. The joint purchase is estimated at around $1.04 billion.
GIC holds around 95 percent shares in JV, which says it will pay $640 per square foot for the tower that reaches 47 stories. The tower I current location for the U.S. headquarters of Deutsche Bank.
GIC earned the reputation as one of the more established investors in real estates around the world. That statement is backed up by the company’s 350 property investments that span throughout 40 countries. Included in those numbers are assets in Japan, the UK, Australia, and the Time Warner Center in New York.