Landmark Building Restored to Its Architectural Splendor
NEW YORK, June 24, 2002 — Another milestone was reached today in the restoration of historic 48 Wall Street, a 324,000 square foot, 34-story office building that was built in 1927. A rededication of the building celebrating its landmark status was held 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 the 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 in October 1998 initially dedicated the building as a New York City landmark, and today’s plaque marked that dedication.
48 Wall Street was previously owned and occupied by The Bank of New York. Swig Burris Equities, LLC, in association with MacDonald & Cie, acquired the building and land in 1998. They are only the third owners 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 a wonderful example of what a concerned development team can accomplish in the restoration of a City landmark,†said Sherida E. Paulsen, chair, Landmarks Preservation Commission. “Swig Burris Equities has shown great dedication and care in the restoration of 48 Wall Street, and the restored building should be viewed as a great symbol of what New York can accomplish through the landmark process.â€
“We are thrilled to have restored this magnificent landmark structure. 48 Wall Street combines the best of historic 20th century architecture with state of the art 21st century technology. Our tenants also recognize this great location and appreciate the architectural and historic significance of the building,†said Kent M. Swig, principal, Swig Burris Equities.
Most recently, a 26,000 square foot lease with D.F. King & Co., Inc. was signed for the entire 21st , 22nd, and 23rd floors. D.F. King is one of the largest proxy solicitation, investor communications firms on Wall Street, providing services to more than 700 public companies.
“The building is now over 78% occupied and shows the great confidence in 48 Wall Street that our tenants have in choosing this wonderful downtown location. We expect that the building should be fully occupied by the end of this summer,†said David Burris, principal, Swig Burris Equities.
Other major tenants at 48 Wall Street include CII, a GMAC Commercial Mortgage Company, who occupy 51,050 square feet; Rockefeller Center Business Centers, which provides executive suite office space, who leased 41,000 square feet; Gensler Architecture, Design and Planning Worldwide, the largest design firm in the United States, occupying 27,300 square feet; and Wall Street Planning, a division of Metropolitan Life Insurance Company who recently leased the entire 5th floor compromising 13,650 square feet.
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.
Swig Burris 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 20 months, Swig Burris Equities has purchased and is in the process of developing in excess of $350 million of properties, which includes, the purchase of 112 residential apartments within 198 unit residential building located at 401 East 89th Street; the purchase of 770 Lexington Avenue, a 20-story, 155,000 square foot commercial office building in Manhattan; among others.
Additionally, Mr. Swig and Mr. Burris with their partners Arthur W. Zeckendorf and William Lie Zeckendorf, own Terra Holdings, LLC, a Manhattan based company that owns and operates a number of real estate and financial services operating companies which include Brown Harris Stevens, one of the oldest and largest residential and commercial real estate brokerage firms in New York City with a staff of over 400 people operating in three states; Halstead Property, a residential brokerage and management firm comprised of more than 350 brokers throughout Manhattan; Halstead/Feathered Nest, the largest residential rental firm in Manhattan serving both retail customers and individual landlords with over 135 brokers; and Vanderbilt Holdings, a financial services firm with businesses in residential mortgage brokerage and insurance. The companies that comprise Terra Holdings sold more than $3.1 billion of apartments and townhouses in Manhattan during year 2001.
MacDonald & Cie has been active since 1975 in real estate acquisition and development on behalf of substantial private, foreign individual investors. The firm’s first major New York City acquisition was The Mondrian, a 180 unit residential condominium purchased in 1993, which has now been completely sold out. Bryce MacDonald joined his father in the family firm, which has operated in close association with Kent Swig and David Burris, as well as the Zeckendorf family, most recently on 515 Park Avenue.