Bushburg in Contract to Buy 60 Wall Street at Jaw-Dropping Discount

Joseph Hoffman’s Bushburg Properties is getting a screaming deal on 60 Wall Street, which last traded hands for over $1 billion in 2017.

Bushburg is in contract to purchase the 1.6 million-square-foot office tower in Manhattan’s Financial District for $400 million from Singaporean sovereign wealth fund GIC, according to The Real Deal. The purchase comes five years after Deutsche Bank vacated the premises in 2021.

GIC originally purchased a 95 percent stake in the property from Paramount Group and Morgan Stanley for $1.04 billion in 2017. Paramount became Elecor Properties after being acquired by Rithm Capital in April.

Gary Phillips and Will Silverman of Eastdil Secured Savills represented the seller in the transaction, but declined to comment.

Bushburg Properties and GIC did not immediately respond to requests for comment.

However, Bushburg has an opportunity to convert the former single-tenant headquarters developed in the 1980s by J.P. Morgan Chase into a residential tower. Office-to-residential conversions have been the developer’s specialty.

Exactly why the property did not perform well as an office asset is unclear. 

In fact, the 46-story tower seems to have been an enigma for the industry as a whole going back to 2012, when Commercial Observer reported that brokers and tenants seemed unfamiliar with the asset.

Mark Hallum can be reached at mhallum@commercialobserver.com.