"The acquisition and renovation of 5 Hanover Square is another example of the confidence we have in Lower Manhattan as the area rebuilds and plans are formulated for the World Trade Center site," explains Kent M. Swig, principal of Swig Burris Equities.
Acquisition financing for the purchase was provided by Santa Monica, CA-based Fremont Investment and Loan, which was arranged by Cooper Horowitz. A mezzanine loan was provided by Longview and was arranged by Jonathan Estreich, who also serves as a principal of Longview. Swig Burris was represented by Rob Sorin, Joelle Halprin, Randall Rothschild and Bill Stempel of Fried Frank Harris Shriver and Jacobson, while the seller was represented by Jeffrey Randall Karp, a private practitioner.
Building upon its renovation and leasing of 48 Wall St., Swig Burris plans to transform 5 Hanover Square into a luxury boutique office building. Renovations will include new elevator cabs, new core bathrooms, new multi-tenant floor upgrades and the installation of a state-of-the-art security and fire/life safety systems. The renovations will also include a lobby Swig is billing as "one of the finest in Manhattan." Also, the entire two-story facade front will be replaced with a new all-glass one.
A spokesperson for Swig Burris says the company expects current tenants including Unisys Corp., Reliance Insurance Co. and Jordan and Jordan Inc. to remain during the renovation process.
Hanover Square Park, the open space in front of the building, will also undergo a full renovation, including upgraded sidewalks, new landscaping, and the installation of a rotating art sculpture program. It will be renamed the British Memorial Gardens at Hanover Square, commemorating the 67 Britons who died on Sept. 11 as well as those British subjects who died alongside Americans in various wars. The gardens will be renovated by The British Memorial Gardens Fund.
Swig Burris Equities LLC is a real estate development, investment and management firm based here with offices in San Francisco. Over the past few years, Swig Burris Equities has purchased and is in the process of developing in excess of $350 million of properties, which includes, the purchase and renovation of 48 Wall St., a 324,000-sf office building, and the purchases of 770 Lexington Ave., a 20-story, 155,000 sf commercial office building, and 112 residential units within Gracie Townhouse, located at 401 East 89th St., among others.
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