GIC and Paramount Group have formed a joint venture to buy a New York office tower for $1.04bn (€969m).

Singapore’s sovereign wealth fund, said it is taking a 95% stake in the partnership.

The joint venture has bought 60 Wall Street in Manhattan, using $575m of debt.    

The 47-storey, 1.6m sqft asset is fully-let as the US headquarters of Deutsche Bank.

Adam Gallistel, regional head of Americas at GIC, said: “This investment reflects our long-term confidence in downtown Manhattan which is benefitting from over $30bn of recent public and private investments in infrastructure and new construction.

“We believe 60 Wall Street is one of the top buildings in Downtown and is poised to benefit from the ongoing downtown renaissance.”

Paramount previously managed and owned around 5% of the property through its ownership in certain private equity funds.

The firm will continue to manage the property.