Joseph Hoffman‘s Bushburg Properties they’re getting a screaming deal on 60 Wall Streetwhich last traded hands over $1 billion in 2017.
Bushburg has a contract to buy a 1.6 million square foot office tower in Manhattan’s Financial District for $400 million from Singapore’s sovereign wealth fund. GIC, according to Real Deal. The purchase came five years later Deutsche Bank vacate the space in 2021.
GIC originally bought a 95 percent stake in the property from the Paramount Group and Morgan Stanley for $1.04 billion in 2017. Paramount became Property of Elecor after being purchased by Rhythm Capital in April.
GIC has been selling its stake in 60 Wall Street for the past several years, and had between 45 and 50 percent of the property before it signed a new contract with Bushberg, according to sources close to the deal.
Gary Phillips and Will Silverman of Eastdale Aman Savills represent the seller in the transaction, but declined to comment.
Bushburg Properties and GIC did not immediately respond to requests for comment.
However, Bushburg has the opportunity to transform a former single-tenant headquarters developed in the 1980s by JP Morgan Chase to the house tower. Office-to-home conversions have become the developer’s specialty.
Exactly why the property has not performed well as an office asset is unclear.
In fact, the 46-story tower seems to have become a puzzle for the entire industry to return to 2012, when Commercial Observer reported the realtor and tenant seem to be unfamiliar with the property.
Mark Hallum can be reached mhallum@commercialobserver.com.