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GMAC Commercial Mortgage Takes 24,000 SF at 48 Wall St.

NEW YORK CITY-Occupancy of the 73-year-old building, now undergoing renovation, is slated for next February. More than a third of the property is now leased. Renovations underway include installation of a fiber-optic backbone, a tenant-controlled HVAC system, ADA-compliant bathrooms and thermopane windows.

By John Howe | Updated on October 25, 2000

NEW YORK CITY-GMAC Commercial Mortgage Corp. has leased 24,000 sf at 48 Wall St., bringing its occupancy to more than 33%. The 34-story, 324,000-sf office tower recently signed Rockefeller Center Business Centers, which provides executive office space, for 41,000 sf, and Nextset, an Internet software firm, for 17,500 sf. In addition, Stockhouse Media, an information source for on-line investors, has taken space on the ground floor, grand mezzanine and upper mezzanine. Occupancy is scheduled for February 2001. Cushman & Wakefield represented the owner and GMAC in the transaction.

Erected in 1927, the building was formerly occupied by the Bank of New York. Swig Burris Equities LLC acquired it two years ago in association with MacDonald & Cie. They are only the third owners of the property since the Dutch conveyed the land to the bank in 1796.

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