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Swig JV Takes 44 Wall St.

NEW YORK CITY-A joint venture comprised of Swig Burris Equities and Zamir Equities acquired 44 Wall St. for a price of just under $200 per sf. Swig Burris adds to its Downtown portfolio that includes 48 Wall and 5 Hanover Square.

By Barbara Jarvie | Updated on November 21, 2003

NEW YORK CITY-Swig Burris Equities LLC and Zamir Equities inked a deal to acquire 44 Wall St at a price just under $200 per sf. The 25-story, 340,000- sf office building joins 48 Wall St. and 5 Hanover Square in the Swig Burris portfolio. Swig and Zamir will each own 50% of the building and Swig Burris will serve as the property manager. The deal is expected to close by early January 2004. Space in the site is currently advertised for $28 per sf.

Jon Caplan and Scott Latham of Cushman & Wakefield represented the seller in the transaction. Current tenants at the site include Risk Metrics Prime Office Centers, Chase Mellon Securities, Armienti & Brooks PC, the MacGregor Group and D.H. Blair Investment Banking.

The ownership team plans to transform 44 Wall into a luxury boutique office. Renovations will include a redesigned and renovated building lobby; the installation of a new two-story storefront entrance; new elevator cabs; new core bathrooms and new multi-tenant floor upgrades for newly signed leases within the building; and the installation of state of the art security and fire/life safety systems.

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