Bushburg Properties Nears $400 Million Wall Street Deal

The Manhattan office tower at 60 Wall Street, formerly Deutsche Bank's headquarters, is reportedly being sold by Singaporean sovereign wealth fund GIC.

Updated on Nov. 6, 2026 in Commercial

Bold flat-color vector editorial illustration of a single tall, mostly dark office tower standing among older stone buildings, depicting a partly vacant Financial District property. — Bushburg Properties is reportedly nearing a $400 million deal to buy 60 Wall Street from Singapore's GIC, which paid $1.04 billion for the tower in 2017. AI Illustration. Upload story photo >

Bushburg Properties is in contract to purchase 60 Wall Street for $400 million, according to The Real Deal. The seller is Singaporean sovereign wealth fund GIC, which bought a 95 percent stake in the 1.6 million-square-foot Financial District tower for $1.04 billion in 2017.

Why it matters

The sale marks a steep decline in value for the 46-story building, which has been largely vacant since Deutsche Bank left in 2021. Bushburg has an opportunity to convert the former headquarters into a residential tower, a possibility that could reshape the Financial District's office-dominated skyline.

The reported $400 million price is roughly 38 percent of the $1.04 billion GIC paid in 2017 for a 95 percent stake in the 1.6 million-square-foot tower. Bushburg Properties and GIC have not publicly confirmed the terms or the redevelopment plans.

The players

Bushburg Properties

Bushburg Properties is a real estate firm that is in contract to buy the Wall Street tower.

GIC

GIC is Singapore's sovereign wealth fund, which manages government reserves and invests in global real estate and other assets.

Eastdil Secured Savills

Eastdil Secured Savills is a commercial real estate brokerage that represented the seller in the transaction.

The details

The 46-story tower was developed in the 1980s by J.P. Morgan Chase as a single-tenant headquarters. Paramount Group and Morgan Stanley sold a 95 percent stake to GIC in 2017, and Paramount later became Elecor Properties after Rithm Capital acquired it in April.

2017: GIC purchased a 95 percent stake in 60 Wall Street for $1.04 billion.
2021: Deutsche Bank vacated the building.
April: Rithm Capital acquired Paramount, which became Elecor Properties.
November 6, 2026: Bushburg's contract to buy 60 Wall Street was reported.

Market Landscape

Manhattan office towers that lost major tenants since 2020 have increasingly traded at steep discounts as owners weigh conversion to residential use. The 60 Wall Street deal reflects that pattern, with the building selling for well under the price GIC paid in 2017.

A residential conversion would add housing stock in the Financial District, a shift that could affect rents and the mix of residents and businesses downtown. Any change to the tower's use would depend on the buyer's plans, which have not been confirmed.

The takeaway

Distressed office sales like this one show how far Manhattan commercial values have fallen from their pre-2020 peaks. Buyers willing to convert older towers may find opportunities that owners holding for office use cannot.