According to Swig Equities, the company will now be in a position to offer the commercial market place a complete range of operating, management and construction services. A spokesperson for Helmsley-Spear tells GlobeSt.com that no further terms were disclosed.
"Helmsley-Spear's core expertise in the commercial office market segment will integrate seamlessly with Swig Equities existing business platform," notes Kent Swig in a prepared release. "Helmsley-Spear's substantial name recognition provides the opportunity to leverage Swig Equities' network of relationships and expertise by providing additional services to tenants and landlords in the commercial real estate marketplace."
Swig Equities has created an operating platform with an array of services on which Helmsley-Spear can draw to create a more productive, efficient and cost-effective basis for all operations, according to the company. These services include property and asset management procedures and policies, accounting, financial reporting, human resources, payroll, information technology, market research, and economic forecasting.
In addition, the project development department within Swig Equities, consisting of seven full-time licensed architects, as well as Falcon Pacific Construction, will be available to provide development and construction management services to those Helmsley-Spear clients seeking to redevelop and reposition their properties.
Helmsley-Spear has been a leader in commercial and residential real estate since 1866, evolving from a real estate company to a full-service firm. Helmsley-Spear focus has included office and retail leasing, investment sales, asset management, and property management. Originally founded as L.B. Goodale in 1866, the company went through three ownership changes with new partners added in the first two decades of the 20th century. Kent Swig represents only the fourth owner of Helmsley-Spear Inc.
Swig Equities is owner and manager of more than four million sf of commercial office space in New York City and San Francisco, and more than 1,200 luxury residential apartments in New York City. Currently, Swig Equities' project development department is undertaking more than $1 billion of development projects.
"Helmsley-Spear will be repositioned and expanded and will operate as an independent affiliate company as part of the Swig Equities organization," Swig explains. "In order to reposition and expand Helmsley-Spear, we shall be undertaking a major capital program which will include new office space, new computers, new software technology, new telephones, new marketing and collateral materials, and new policies and procedures."
He further notes that, "in addition, we shall begin an expansion program to selectively retain additional brokers in investment sales, and retail and commercial office leasing, as well as new property management assignments. It is anticipated that the Swig Equities affiliate Falcon Pacific Construction will play an increasingly larger role in future Helmsley-Spear activities, particularly as an owner's representative on commercial construction projects."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
