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New owners hold party at 14 Wall St.

New owners hold party at 14 Wall St.

A broker party was held yesterday to celebrate the new ownership at 14 Wall Street, the 950,000-square-foot office building located across from the New York Stock Exchange.

Home to Bankers Trust and Shearson Lehman, the building underwent an arranged transfer from 14 Wall Street Associates to 14 Wall P.T. Realty Corp., a client of General Electric Investments.

Cushman & Wakefield has been retained by the new owners as the managing and leasing agent. According to Cushman & Wakefield's Joseph Costabile, account executive handling the building, the party was held to familiarize brokers with the "institutional character" of the owner and the building. In a time when brokers are worried about getting commission payments, Costabile said, this can make a difference.

The building was formerly owned by Bankers Trust.

The building, which is 90 to 92 percent leased, can accommodate tenants in the 10,000-square-foot and up range.

While "cosmetic" improvements will be made -- such as cleaning up the facade, the building has been largely renovated.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Jun 5, 1991
Words:173
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