Paramount Group Plans $250M Renovation at 60 Wall Street Office Tower in Manhattan
NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has announced plans to overhaul the base and interior spaces at 60 Wall Street, a 47-story office tower in Lower Manhattan’s Financial District. The project is set to kick off when the building’s sole occupant, Deutsche Bank, vacates the tower next summer. Paramount Group plans to invest $250 million for the renovation, according to New York Business Journal.
Originally built in 1989, the 1.6 million-square-foot tower is LEED Gold-certified and sits along Wall Street with Pine Street bounding the property on the north.
Paramount Group, a New York City-based owner and manager of Class A office towers, has tapped architectural firm Kohn Pedersen Fox (KPF) to oversee the renovation. The firm has also selected Paul Amrich and Howard Fiddle of CBRE to lease and manage 60 Wall Street for tenants to replace Deutsche Bank.
The revitalization plan includes opening the base of 60 Wall Street’s façade with new triple-height windows and a vast skylight to allow for more natural lighting. The renovation is set to also include the installation of a 100-foot green wall, which will improve air quality and provide greenery to the tower’s public spaces. The indoor green wall will be the largest in North America, according to Paramount Group.
“The repositioning will transform 60 Wall Street, providing tenants with the benefits of a new building and the opportunity to create an office that best suits their unique needs,” says Albert Behler, chairman, CEO and president of Paramount Group. Behler has led the company since 1991.
New planned amenities at the tower will also include a restaurant and café with overflow seating in the building’s public atrium. Office floors will have new ventilation systems that will utilize high-efficiency MERV 15 filtration and increased outside air per person, with capabilities of providing 100 percent outside air to the spaces in ideal weather conditions.
“Our goal for 60 Wall Street, particularly in a time of COVID-19, was to create an environment that brings a sense of wellness to this intense and exciting urban community,” says Hugh Trumbull, design principal at KPF. “By opening up the atrium, infusing it with greenery, bringing in natural light and visually uniting the two streets, we aim to bring the people of this neighborhood together where hopefully they will share ideas and chart the path to the future.”
No target date of completion or details of the general contractor were provided. All of the design elements of the renovation are subject to approval by the City of New York.
Founded in 1978 by Werner Otto, Paramount Group’s portfolio spans 10.4 million square feet of office space in New York City and San Francisco. The firm’s holdings also include one retail property and debt and equity investments in its two target markets and Washington, D.C.
The company’s stock price closed on Monday, May 17 at $10.51 per share, up from $7.95 a year ago.
— John Nelson