Swiss Bank Tower declares 100% occupancy in 2 years - office building in New York, New York

Real Estate Weekly, Oct 21, 1992

Swiss Bank Tower, the recently completed 322,500 square foot, 38-story office tower located at 10 East 50th Street, is now fully leased, announced Peter Ricker, president of The Galbreath Company. John Nuveen & Company, Inc., a Chicago-based mutual fund company, leased the remaining 13,000 square foot, 31st floor to house its New York offices.

Swiss Bank Tower is managed by The Galbreath Company, which also serves as exclusive leasing agent for the property. Philip D. Restifo, senior managing director, and Elizabeth Houley, associate director, acted on behalf of the building owner, Swiss Bank Corporation. Don Schnabel, executive vice president, and Robert Goodman, managing director, of Julien J. Studley represented Nuveen.

Leasing efforts for Swiss Bank Tower officially began in December 1989 although building construction was not complete until March 1991.

Swiss Bank Tower is the creative result of cooperation between Swiss Bank Corporation and Saks Fifth Avenue, now owned by Investcorp, Inc. Galbreath developed the property as a build-to-suit achieving a significant retail expansion for Saks Fifth Avenue which took possession of the lower nine floors. Swiss Bank Corporation is owner of all the building's upper floors which constitute the office tower, one of the most technologically advanced and functionally efficient office environments in New York.

The tower features virtually column-free space on floors that range in size from 12,400 to 13,100 square feet, offering mid-sized firms the advantage of full-floor identity in a building of institutional quality. Floor configuration allow for six corner offices per floor and a very low loss factor.

John Nuveen & Co. is the building's first United States-based tenant. An impressive array of international companies have selected Swiss Bank Tower, including Allen & Overy; The Yarmouth Group; Sun Alliance USA Inc.; Clifford Chance; The 77 Bank, Ltd.; Banco Bamerindus do Brasil; and the joint offices of Loeff Claeys Verbeke, and Gide Loyrette Nouel.