“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.