44 Wall St. Sale Closes

NEW YORK CITY-The joint venture of Swig Burris Equities LLC and Zamir Equities closed on the purchase of 44 Wall St. for a reported price of more than $60 million. Swig Burris and Zamir each own 50% of the building and Swig Burris will serve as the leasing agent and property manager. Located in Lower Manhattan’s financial district, the 25-story 340,000-sf multi-tenant office building was built in 1927.

Building upon Swig Burris’ renovation and leasing of the neighboring 48 Wall St. and 5 Hanover Square, and Zamir Equities’ portfolio of Downtown properties, the ownership team plans to transform 44 Wall into a boutique office building through a major capital improvement program. Planned renovations include a redesigned and renovated building lobby; the installation of a new two-story storefront entrance; refurbished elevator cabs; new core bathrooms and 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. Current tenants include Risk Metrics Prime Office Centers, Chase Mellon Securities, Armienti & Brooks PC, the MacGregor Group and DH Blair Investment Banking. Space in the site is currently advertised for $28 per sf.