The revival of Downtown Manhattan is slowly pickup up pace, as symbolized by 48 Wall Street. This week, Swig Equities, owner of 48 Wall Street, announced that it has managed to bring occupancy up to 90%.
Many of the signed tenants of 48 Wall Street are media and communications firms, and are part of a new wave of companies pushing the Financial District away from its traditional financial and banking focus. In mid-2011, Conde Nast signed a one million square feet lease at one World Trade Center. After this landmark lease signing, the Daily News and American Media Inc., which oversees The National Enquirer, Playboy and Men’s Fitness, inked leases at 4 New York Plaza.
For many experts, these big time leases are signs of an overall resurgence of Lower Manhattan, after over a decade of laying relatively dormant. In an analysis published last year, Jones Lang LaSalle predicted that “Despite the initial impact of an expanding inventory and moderate demand, the forecast for the Downtown market is bullish. By 2013, the vacancy rate is expected to commence a steady decline, the market will experience positive absorption and the gap between Downtown rental rates as compared to the Midtown market will close.”
This week, Swig Equities, led by its president Kent Swig closed two deals which brought 48 Wall Street’s has managed to bring occupancy up to 90 percent with this week’s deals. One of the two 48 Wall Street leases signed was with Addison, a brand strategy and communications design firm. Their lease was signed for 27,300 s/f in the buildings 8th and 9th floors. The second lease signed by law firm, Conway, Farrell, Curtin & Kelly P.C. renewed its lease for the entire 20th floor, occupying 8,800 s/f.
48 Wall, a 34-story, 324,000 square foot building was constructed in 1927 and previous housed operations for the Bank of New York. Swig Equities, LLC purchased 48 Wall Street in 1998.