Singaporean sovereign wealth fund GIC is unloading the office tower at 60 Wall Street in the Financial District for about a third of its 2017 value.
Joseph Hoffman’s Bushburg Properties is in contract to buy the 50-story, 1.6 million-square-foot property for about $400 million, sources told The Real Deal. The building has been vacant since Deutsche Bank moved out in 2021, setting the stage for a potential residential conversion, a specialty of Bushburg’s.
Eastdil Secured Savills’ Gary Phillips and Will Silverman brokered the deal. They declined to comment. GIC and Bushburg did not respond to requests for comment.
GIC purchased a 95 percent stake in the tower in 2017 from Paramount Group and Morgan Stanley for $1.04 billion. The deal valued the building at $1.1 billion. Paramount, later acquired by Rithm Capital, retained less than a 5 percent stake.
The owners announced plans in 2021 for a $250 million renovation aimed at attracting new tenants to the struggling tower, which was built in 1988 for JPMorgan. They refinanced the property in 2024 with a $575 million mortgage from Aareal Capital, but it’s unclear whether any of the renovation was ever completed.
Bushburg has been making office-to-residential plays in Lower Manhattan. In 2024, the firm paid $160 million for 80 Pine Street, a 1.2 million-square-foot Financial District office tower formerly owned by Rudin Management. The firm is converting the building’s lower floors into 713 rental apartments, a project that landed a $320 million construction loan from Bridge City Capital and Deutsche Bank last year.
The developer picked up another Financial District office building at a steep discount. In December 2025, Bushburg paid $70 million for 100 William Street, a 21-story, 421,000-square-foot tower that sold for $166.5 million in 2013. The firm plans to convert the half-empty property into more than 400 apartments, with 25 percent of the units reserved as affordable housing.
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