New York, NY – October 26, 2010 – (RealEstateRama) — Another milestone was reached this year with the commemoration of the decade-long re-tenanting of historic 48 Wall Street, a 324,000 square foot, 34-story office building built in 1927 that was fully restored to its original grandeur. A rededication of the building celebrating its landmark status was previously held in 2002 with an unveiling of a plaque just below the original cornerstone dating back to 1784 from the first building that stood at 48 Wall Street. The ceremony marking that occasion was held in the building’s two-story Grand Banking Hall which served as the main banking area for the Bank of New York. The Landmarks Preservation Commission initially dedicated the building as a New York City landmark in October 1998, and the plaque seen today marks that dedication. Today, The Grand Banking Hall houses the Museum of American Finance, a member of the Smithsonian Affiliation Program.
“We are thrilled to be celebrating a decade of tenant occupancy after our restoration of this magnificent landmark structure. 48 Wall Street combines the best of historic 20th century architecture with state-of-the art 21st century technology, building systems and tenant services. Our tenants also recognize this great location and appreciate the architectural and historic significance of the building,” said Kent M. Swig, President, Swig Equities.
In March of 1998, Swig Equities, LLC, in association with MacDonald & Cie, acquired 48 Wall Street, which had been previously owned and occupied by The Bank of New York. The Swig Equities partnership is only the third owner of the property since the land was conveyed from the Dutch to the British and then to The Bank of New York in 1796.
“48 Wall Street is now over 96% occupied, which shows the great confidence that our tenants have in this property and its wonderful Downtown location in the heart of the Financial District,” added Kent Swig.
In 2009, the building won the 40th Annual BOMA/NY Pinnacle Award. Swig Equities was awarded a “Pinnacle” for the best renovation within the historical building category for this property. The awards ceremony took place on February 4, 2009, at Chelsea Piers.
Today, major tenants at 48 Wall Street include D.F. King; Quanta U.S. Holdings, Inc.; Rockefeller Center Business Centers; Gensler & Associates, Inc.; Glass Lewis & Co.; National Association of Insurance Commissioners; and Metropolitan Life Insurance Company.
Located on the northeast corner of Wall and William Streets, one block from the New York Stock Exchange and directly across the street from the Regent Hotel, 48 Wall Street has maintained all of the original 1927 architectural detail of this landmark building, while completely renovating all internal workings, including the installation of a new fiber-optic backbone for broadband internet access; a cost-efficient tenant controlled 24 hour HVAC system with new floor by floor DX units; new electrical service incorporating a minimum of 6 watts per square foot of electric power above that required by the HVAC system; state-of–the-art Otis elvonic elevator system. In addition, a brand new cooling tower has been installed, as well as new energy efficient operable thermopane windows throughout the entire building.
The lobby has been exquisitely restored and expanded to include a new concierge desk, enhanced security systems, and the building has completed the installation of new granite and marble ADA-compliant bathrooms on each floor. Tenants also benefit from full floor identity to meet a range of requirements from 13,650 to 3,950 square feet.
About Swig Equities, LLC
Swig Equities, LLC is a real estate development, investment and management firm based in New York City with offices in San Francisco. The firm is an active purchaser and developer of prime residential and commercial buildings as well as operating companies and securities. Over the past few years, Swig Equities has purchased in excess of $2.5 billion of properties, which includes 110 William Street, a 32 story , 900,000 square foot commercial office building; 90 Broad Street, a 25-story, 400,000 square foot office building; 80 Broad Street, a 36 story, 400,000 square foot office building; historic 48 Wall Street, a 34 story, 324,000 square foot office building; 44 Wall Street, a 350,000 square foot office building; 5 Hanover Square, a 325,000 square foot office building; 770 Lexington Avenue, a 20-story, 155,000 square foot commercial office building in Midtown Manhattan; and 450 Sansome Street, a 140,000 square foot office building in downtown San Francisco.
