Deutsche Bank signs sale-leaseback agreement with Paramount Group for 60 Wall Street property
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.
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