Singaporean sovereign wealth fund GIC is unloading the workplace tower at 60 Wall Street within the Monetary District for a couple of third of its 2017 worth.
Joseph Hoffman’s Bushburg Properties is in contract to purchase the 50-story, 1.6 million-square-foot property for about $400 million, sources informed The Actual Deal. The constructing has been vacant since Deutsche Financial institution moved out in 2021, setting the stage for a possible residential conversion, a specialty of Bushburg’s.
Eastdil Secured Savills’ Gary Phillips and Will Silverman brokered the deal. They declined to remark. GIC and Bushburg didn’t reply to requests for remark.
GIC bought a 95 p.c stake within the tower in 2017 from Paramount Group and Morgan Stanley for $1.04 billion. The deal valued the constructing at $1.1 billion. Paramount, later acquired by Rithm Capital, retained lower than a 5 p.c stake.
The house owners introduced plans in 2021 for a $250 million renovation geared toward attracting new tenants to the struggling tower, which was inbuilt 1988 for JPMorgan. They refinanced the property in 2024 with a $575 million mortgage from Aareal Capital, nevertheless it’s unclear whether or not any of the renovation was ever accomplished.
Bushburg has been making office-to-residential performs in Decrease Manhattan. In 2024, the agency paid $160 million for 80 Pine Street, a 1.2 million-square-foot Monetary District workplace tower previously owned by Rudin Administration. The agency is changing the constructing’s decrease flooring into 713 rental flats, a undertaking that landed a $320 million construction loan from Bridge Metropolis Capital and Deutsche Financial institution final 12 months.
The developer picked up one other Monetary District workplace constructing at a steep low cost. In December 2025, Bushburg paid $70 million for 100 William Street, a 21-story, 421,000-square-foot tower that bought for $166.5 million in 2013. The agency plans to transform the half-empty property into greater than 400 flats, with 25 p.c of the items reserved as reasonably priced housing.
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