Kent M. Swig just signed two deals at 48 Wall Street, a building the Swig Equities president says is meeting demand for media and communications firms riding the tail winds of media giant, Conde Nast as is prepares to move downtown.
“With Condé Nast locating to One World Trade Center, FiDi is evidencing strong growth in media, communications and publishing, and our landmark building, with state-of-the-art technology, clearly meets the needs of these growing industries,” said Swig.
In the past 12 months, Conde Nast signed a one million square feet lease at one World Trade Center and The Daily News and American Media Inc., which publishes The National Enquirer, Playboy and Men’s Fitness, signed on at 4 New York Plaza.
While experts have acknowledged that new product at the World Trade Center and big blocks scheduled to return to the market will create an excess of space downtown in the short term – and a sluggish economy will continue to dampen rents -, in its most recent focus of the market, Jones Lang LaSalle predicted good things.
In an analysis published last year, the company stated, “Despite the initial impact of an expanding inventory and moderate demand, the forecast for the Downtown market is bullish. By 2013, the vacancy rate is expected to commence a steady decline, the market will experience positive absorption and the gap between Downtown rental rates as compared to the Midtown market will close.”
At 48 Wall, Swig has managed to bring occupancy up to 90 percent with this week’s deals.
Addison, a brand strategy and communications design firm, signed a new lease for 27,300 s/f at the landmark building and will occupy the entire 8th and 9th floors.
Additionally, the law firm of Conway, Farrell, Curtin & Kelly P.C. renewed its lease for the entire 20th floor, occupying 8,800 s/f. With these new leases the building has now reached 90% occupancy.
According to Swig, Addison chose 48 Wall Street for its “prestigious address and its superior technology and amenities.”
“It’s a wonderful show of support to have Addison locate to 48 Wall Street,” he added.
48 Wall is a 34-story, 324,000 s/f office tower built in 1927. It was previously occupied by The Bank of New York. Swig Equities, LLC, in association with Kirkpatrick MacDonald of MacDonald & Cie, acquired the property and land in March of 1998. They are only the third owners since the land was conveyed from the Dutch to the British and then to The Bank of New York in 1796.
Roger Byrom, CEO of Addison, said: “Addison chose this new office location because of its great mix of historic New York and flexible and airy work space. 48 Wall Street is an ideal location, for our clients and our people.”
In both transactions, the landlord was represented by Jonathan J. Dean of Swig Equities. Conway, Farrell, Curtin & Kelly P.C. was represented by Patrick Heeg of Jones Lang LaSalle.
Other major tenants at 48 Wall Street include Rockefeller Center Business Centers, which provides executive suite office space, who leased 41,000 s/f, Situs Holdings, LLC, a real estate servicing entity, EYE Mall Media, an out-of-home advertising firm, and D.F. King, one of the largest proxy solicitation firms in Manhattan who occupies 26,000 s/f.