Record price for lower Manhattan office building

Record price for lower Manhattan office building. Deutsche Bank agreed to sell its North American headquarters at 60 Wall St. in New York to German billionaire mail-order retailer Michael Otto, for $1.18 billion. The 1.6 million-sf tower sold for $732/foot, a record for lower Manhattan, according to Real Capital Analytics. The bank will remain in the building for the next 15 years under a lease agreement reached with the owners. Lower Manhattan office rents are surging as the area recovers from the Sept. 11 terrorist attacks. Rents averaged a record $52.86/sf in Q1, up 43% in a year, while the vacancy rate fell 36% to 7.6%, according to Grubb & Ellis.