3 leases signed at 48 Wall Street, building 95% occupied

Real Estate Weekly, March 12, 2003

Kent M. Swig, principal of Swig Burns Equities, LLC, owner of the landmark building at 48 Wall St., announced that the building has signed three additional leases totaling over 17,000 SF, bringing the newly renovated building's occupancy to 95%.

Two of the leases consisting of 6,900 SF each were for full floor tenants while the third lease comprised 3,000 SF for a portion of the fourth floor.

One lease was with the law firm of Ressler & Ressler for the entire 26th floor, while the law firm of Markhoff & Mittman leased the entire 24th floor. The third lease was signed with the Vartabedian Design Group for a portion of the third floor, consisting of approximately 3,000 SF.

Evidencing strength and confidence in the Downtown market, Ressler & Ressler will relocate from its current Midtown location at 11 Penn Plaza.

Both Markhoff & Mittman and Ressler & Ressler also chose 48 Wall St. for its prestigious address and its superior technology and amenities resulting from the recently completed building wide renovation.

"We are excited to be relocating our firm to this wonderful historic building with its 21st century amenities and technology. This location offered us a great opportunity for exceptional office space in today's commercial real estate market, and we look forward to being a part of the Downtown business community," said Bruce Ressler of Ressler & Ressler.

For all three transactions, the landlord was represented by Robert Lowe and Jonathan Dean of Cushman & Wakefield, Inc., who serve as the exclusive leasing agents for the building, while Ressler & Ressler was represented by Tom Kaufman and Jeremy Lincoln of Insignia/ESG. Markhoff & Mittman was represented by Ray Sauerbrey and William Hocking of Dalton Reid LLC, and the Vartabedian Design Group was represented by Gregg Slotnick of Brown Harris Stevens.

"These leases further evidence a solid commitment to 48 Wall St. and the strength of the building within the Downtown commercial office market. It also shows great confidence in the ownership of the building and the extraordinary amenities that the building offers.

We are thrilled that the building is now 95% leased, and with the current leasing activity that we are experiencing, we are confident that we will lease the last remaining two floors consisting of the 6th and 7th floors over the next several months," said Jonathan Dean, senior director, Cushman & Wakefield, Inc.