At 100 Wall St., makeover increasing competitiveness

Real Estate Weekly, Feb 24, 1993

In order to reposition a 20-year-old building, 100 Wall Streethas undergone t $30 million mechanical and aesthetic nakeover.

As the building neared its 20th anniversary, the owner, Hexalon Real Esate, Inc., made the decision to compete with newer properties by upgrading the building's base systems and redesigning he lobby, plaza, arcade and elevators.

The emergency generator system can lower a tenant's critical business operations through a Con Edison power failure or blackout (and was proven effective for participating tenants during he Dec. 11 storm.) Swiss American Securities, Inc., which occupies 67,000 square feet, kept its on-site trading desks in full operation until power was restored by Con Ed on Dec. 17.

Con Edison electrical capacity of up to 12 watts per square foot can be made available and would be capable of meeting the power requirements of the most demanding business and computer operations...and the cooling systems they require.

The upgrade program is already showing positive results.

Last year, a 10-year, 34,000-squarefoot lease was signed for the building's top two floors by Waterhouse Securities, Inc., for the national headquarters of this New York-based stock brokerage. According to- Lawrence M. Waterhouse, Jr., chairman and chief executive officer, a critical factor in the firm's decision-making was" the flexible capacity of 100 Wall's systems and its ability to back up our worldwide telecommunications links, with emergency generator service available without our having to make an extraordinary capital investment."

Doha Bank, Ltd., a billion-dollar middle-eastern banking concern whose head offices are in the State of Qatar has relocated its United States headquarters here from 127 John Street. Syed Rafiuddin, assistant general manger, stated that he was attracted by .." 100 Wall Street's preeminent recognition in international banking circles and its aesthetic and technical quality."

Kokusai America, Inc., has renewed its lease for 7,100 square feet. This is the American subsidiary of a major Japanese financial services firm, which, according to Norman Schwartz, Treasurer, found that the building's modernization, combined with its service and ownership commitment, continue to make 100 Wall Street" a pleasant and efficient working environment, as well as an address that is meaningful to clients throughout the world."

First of Michigan Corporation has also renewed its lease. The financial services firm, based in Detroit, maintains its New York offices for analysis, clearing and other financial services.

Joseph F. Harkins and Joseph G. Costabile of Cushman and Wakefield, Inc., exclusive agents, represented the owner in all transactions.