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Newmark gets 55 Wall Street assignment.

Commercial Developments International/East, Inc. (CDI/East), has named Newmark & Company Real Estate, Inc., as the leasing agent for 55 Wall Street, reports Alan Kessler, president of CDI/East.

Newmark is also the managing agent for the landmark building, which until recently was occupied by Citibank for 90 years. Prior to the bank vacating 90,000 square feet, the building had been leased to 100 percent occupancy by Newmark during an earlier assignment as leasing agent.

"We were impressed by the marketing strategies presented by Newmark's chief executive officer, Barry Gosin, and Rick Doolittle, director of the firm's Downtown office," said Kessler. "55 Wall Street is a most remarkable building, so we were looking for a creative, enthusiastic team, which we've found at Newmark."

Built in the early 1800s as the Merchants Exchange, and later used as the New York Custom House, 55 Wall Street is a tribute to the architecture of its era. The building boasts a granite exterior lined with ionic columns. Inside, a 72-foot high, domed ceiling - decorated with a wedgewood frieze of zodiac signs - is illuminated by one of New York City's largest chandeliers, weighing 1,700 pounds.

According to Kessler, 55 Wall Street is an ideal space for a trading floor, banking center, retail store or office complex. The four floors surrounding the main rotunda can be tailored to accommodate unique office space.

"We've had a lot of interest from retailers, as well as several boutique trading companies," said Kessler.

Barry Gosin notes that 55 Wall Street has one of the most beautiful trading floors in New York City.

"Fifty-five Wall Street is a rarity in the market that can fill a niche for that special tenant," said Gosin. "There is plenty of conventional office space on the market in the Wall Street area, but this building is truly unique."

Now 151 years old, the building has a most unusual history:

* The building's basement contains a dozen jail cells;

* During the Civil War, it was surrounded by a dry moat to prevent prisoners from escaping;

* Herman Melville composed part of his great American classic, "Moby Dick," while working there as a customs inspector;

* The oldest time capsule in North American was inserted somewhere in the building facade in 1841.

* The building was redesigned in 1898 by the renowned architectural firm of McKim, Mead & White, which was responsible for designing many noteworthy American properties.

Fifty-five Wall Street is owned by 55 Wall Co., Inc. CDI/East serves as asset manager for the owner. Among CDI/East's other holdings are the 21-story, 400,000 square-foot U.S. Home Building in the Galleria/West Loop area in Houston, and the Skidmore Owings & Merrill-designed 900 Sylvan Avenue in Englewood Cliffs, N.J.
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Title Annotation:Newmark and Company Real Estate Inc. named leasing agent for New York, New York property
Publication:Real Estate Weekly
Date:May 18, 1994
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