Swig Burris Equities to keen 48 Wall commercial.

With the incredible strengthening of the commercial office market in Manhattan, particularly Downtown, Swig Burris Equities, LLC has decided to maintain 48 Wall Street as a commercial office building.

Kent M. Swig, principal of Swig Burris Equities, has named Cushman & Wakefield's Downtown office as the exclusive leasing agents for the building. John Cefaly, vice chairman of Cushman and Wakefield, will head-up the leasing team.

The property at 48 Wall Street, the 34-story, 314,000 square-foot office tower previously occupied by The Bank of New York, was built in 1927. Swig Burris Equities, in association with Kirkpatrick MacDonald and Bryce MacDonald of MacDonald & Cie, acquired the building and land in 1998, and is only the third owner since the Dutch conveyed the land to The Bank of New York in 1796.

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 will maintain 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; a state-of the-art Otis elvonic elevator system; a brand new cooling tower; and new energy-efficient operable thermopane windows.

The building features an exquisitely restored marble lobby with concierge desk, unprecedented views from the tower floors, new granite and marble ADA-compliant bathrooms, and private, usable terraces on the upper floors.

This landmark building is part of the Lower Manhattan Revitalization Plan, as well as the Lower Manhattan Energy Plan and ICIP. Tenants of 48 Wall Street will receive direct economic benefits, which should total approximately $5 per square-foot over the first four years of their lease. Tenants will also benefit from a full-floor identity to meet a range of requirements from 13,650 to 2,750 square feet.

Swig Burris Equities is an active purchaser and developer of prime residential and commercial buildings, as well as operating companies and securities. Additionally, Swig, with his partners David A. Burris, Arthur W. Zeckendorf and William Lie Zeckendorf, own Brown Harris Stevens, a major New York residential and commercial real estate firm.