Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB) has today announced an agreement for the sale of its North American headquarters property at 60 Wall Street to Paramount Group, Inc. The buyer is the largest international owner of prime Class A office properties in New York and a leading U.S. office investment and management firm. Simultaneous with the sale, Deutsche Bank has entered into a 15-year leaseback arrangement with Paramount for the entire facility.
The sale of the property for USD 1,180 million (EUR 868 million) is expected to produce a pre-tax gain of approximately EUR 320 million in 2007. Further details of the agreement were not disclosed.
The property is a 47-story, 1.6 million square foot Class A office building which Deutsche Bank purchased in 2001. The facility will remain Deutsche Bank’s North American headquarters, and the number of Bank employees in the facility is not expected to change.
Deutsche Bank Securities Inc. acted as advisor to the Bank and CB Richard Ellis provided real estate consulting services. Deutsche Bank’s Commercial Real Estate Group is providing financing to Paramount in conjunction with the transaction.
For further information, please call:
Press & Media Relations
About Deutsche Bank
Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 68,849 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank Securities Inc., member NYSE, NASD and SIPC, is the investment banking and securities arm of Deutsche Bank AG in the United States.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues, potential defaults of borrowers or trading counterparties, the implementation of our management agenda, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 27 March 2007 on pages 9 through 15 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir
Deutsche Bank provides current information via several social media platforms. Follow our Tweets, view current videos and photos or subscribe to our news updates using your preferred channel. more