Press Release

SWIG EQUITIES PRESENTED WITH AWARD FOR 48 WALL STREET AT 40TH ANNUAL BOMA/NY PINNACLE AWARDS CEREMONY

Posted by Admin on March 9, 2009   |   Comments Off on SWIG EQUITIES PRESENTED WITH AWARD FOR 48 WALL STREET AT 40TH ANNUAL BOMA/NY PINNACLE AWARDS CEREMONY
NEW YORK– March 9, 2009 – Kent M. Swig, President of Swig Equities, LLC, is pleased to announce that Swig Equities has been awarded a “Pinnacle” for the best renovation within the historical building category for its 48 Wall Street property.  The award was presented at the 40th annual BOMA/NY Pinnacle Awards ceremony which took place on February 4, 2009 at Chelsea Piers.

“I am thrilled that 48 Wall Street has been honored with a Pinnacle Award in the historical building category.  This landmark building is universally recognized for its architectural significance, extraordinary location, and new state-of-the-art communications technology,” said Kent M. Swig.

Landmark 48 Wall Street, a 34-story 324,000 square foot office tower built in 1929, was previously occupied by The Bank of New York. Swig Equities, LLC, in association with MacDonald & Cie, acquired the building and land in 1998, and 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, dating back to 1796. The building was designated as a landmark by the New York City Landmark Preservation Commission and is listed in the National Register of Historic Places.

Located on the northeast corner of Wall and William Streets, one block from the New York Stock Exchange, 48 Wall Street, under the design direction of Philip Jones, AIA, Executive Vice President and Director of Project Development for Swig Equities, underwent a $60 million renovation and has maintained and restored all of the original exterior architectural elements of this landmark building. The interior was completely renovated to bring it up to modern standards including the installation of a new energy-efficient central HVAC system with new floor-by-floor DX units; the installation of a new fiber-optic backbone for broadband internet access; new electrical service; new fire and life safety systems; new windows throughout the entire building; and a new state-of–the-art elevator mechanical system with new elevator cabs, among other upgrades.

“Swig Equities fully appreciates the significance of historical buildings in New York City, and strives to restore quality architecture while modernizing our buildings.  This prestigious award exemplifies our ongoing commitment to improving the quality and functionality of our signature properties, and we look forward to continuing to preserve the history of New York buildings while upgrading them to 21stCentury standards,” said Philip M. Jones, AIA, Executive Vice President and Director of Development at Swig Equities, LLC.

In addition, the limestone façade has been cleaned and fully restored, new energy efficient operable thermopane windows were installed throughout the entire building, and the copper clad eagle at the cupola was rebuilt.  The lobby has been exquisitely restored and enlarged to incorporate a new concierge desk, security equipment, and the building communications systems.  New accessible bathrooms with granite vanities, full-height mosaic tile walls and indirect strip lighting were installed on every floor.  The building’s elevator equipment was upgraded and new controls and finishes installed in all cabs.  Design standards were developed and implemented for the interior finishes and signage in all public areas providing a uniform high level of quality throughout the building.

“Landmark 48 Wall Street housed the first bank in the independent United States, and we have maintained its historical attributes while modernizing a better equipped interior to serve the needs of our tenants.  Swig Equities strives to meet the current market demands while preserving the history of our properties like 48 Wall Street, and we have provided a number of improvements that accentuate our interior modernization efforts,” said Norman Zeller, Vice President and Director of Property Management at Swig Equities, LLC. Mr. Zeller also serves on the Board of Directors of BOMA New York.

Tenants also benefit from full floor identity with floors ranging from 3,950 to 13,650 square feet.  Major tenants at 48 Wall Street include: Glass Lewis & Company, with 5,900 square feet; CII, Capmark Finance, Inc., with 37,400 square feet; Rockefeller Center Business Centers, which provides executive office space; Gensler Architecture, Design and Planning Worldwide, the largest design firm in the United States, D.F King, one of the largest proxy solicitation firms in Manhattan; Metropolitan Life Insurance Company leasing the entire 5th floor; Conway, Farrell, Curtin & Kelly, a prestigious Downtown law firm; and The Museum of American Finance, an affiliate of the Smithsonian.

SWIG ACQUIRES HELMSLEY-SPEAR, INC.

Posted by Admin on October 1, 2007   |   Comments Off on SWIG ACQUIRES HELMSLEY-SPEAR, INC.

NEW YORK – October 1, 2007 – Kent M. Swig, President of Swig Equities, LLC, a full service real estate development, investment and management company with a proven track record in the investment and development of over $3 billion of residential and commercial properties, and operating companies, announced that he has acquired Helmsley-Spear, Inc. from the Schneider family.

Helmsley-Spear has been a leader in commercial and residential real estate since 1866, evolving from a real estate company to a full-service firm providing highly-professional performance and bottom-line profitability for its clients.  Helmsley-Spear has focused for over 140 years on servicing the commercial real estate marketplace including disciplines in office and retail leasing, investment sales, asset management, and property management.  Originally founded as L.B. Goodale in 1866, the company went through three ownership changes with new partners added in the first two decades of the twentieth century.  Kent Swig represents only the fourth owner of Helmsley-Spear, Inc.

Swig Equities is owner and manager of over 4 million square feet of commercial office space in New York City and San Francisco and over 1,200 luxury residential apartments in New York City.  Currently, Swig Equities’ project development department is undertaking over $1 billion of development projects under the direction of its seven licensed, in house architects, working with its construction management affiliate, Falcon Pacific Construction, LLC.

“Helmsley-Spear’s core expertise in the commercial office market segment will integrate seamlessly with Swig Equities existing business platform.  Helmsley-Spear’s substantial name recognition provides the opportunity to leverage Swig Equities’ network of relationships and expertise by providing additional services to tenants and landlords in the commercial real estate marketplace,” added Kent Swig.

The company will now be in a position to offer the commercial market place a complete range of operating, management and construction services.  Swig Equities has created an operating platform with a comprehensive and sophisticated array of services on which Helmsley-Spear can draw to create a more productive, efficient and cost effective basis for all operations.  These services include property and asset management procedures and policies, accounting, financial reporting, human resources, payroll, information technology, market research, and economic forecasting.  In addition, the project development department within Swig Equities, consisting of 7 full-time, licensed architects, as well as Falcon Pacific Construction, will be available to provide development and construction management services to those Helmsley-Spear clients seeking to redevelop and reposition their properties.

“Helmsley-Spear will be repositioned and expanded and will operate as an independent affiliate company as part of the Swig Equities organization.  In order to reposition and expand Helmsley-Spear, we shall be undertaking a major capital program which will include new office space, new computers, new software technology, new telephones, new marketing and collateral materials, and new policies and procedures.  In addition, we shall begin an expansion program to selectively retain additional brokers in investment sales, and retail and commercial office leasing, as well as new property management assignments.  It is anticipated that the Swig Equities affiliate Falcon Pacific Construction will play an increasingly larger role in future Helmsley-Spear activities, particularly as an owner’s representative on commercial construction projects,” added Swig.

Press Release: HISTORIC 48 WALL STREET CELEBRATES A REDEDICATION

Posted by Admin on June 24, 2002   |   Comments Off on Press Release: HISTORIC 48 WALL STREET CELEBRATES A REDEDICATION

Landmark Building Restored to Its Architectural Splendor48 Wall Street Rededication

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.”

“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.