"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.