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NEW YORK CITY-A new tenant has been added to the roster at 5 Hanover Square as Help USA signs on for 27,000 sf in the Downtown property. No details of the transaction were released, however the non-profit organization did receive incentives for moving its company to Lower Manhattan. A month ago Swig Burris purchased the 25-story 318,600-sf 5 Hanover Square. According to city records, the purchase price was $46.5 million; current rents in the property are in the low $30s per sf for the upper floors and in the mid to upper $20s for the lower levels.

“This location offers us exceptional office space in today’s commercial real estate market, and we look forward to being a part of New York’s dynamic financial district,” said Richard Motta, president of Help USA, the nation’s largest non-profit developer and operator of supportive housing with on-site human services for homeless and low-income families. They operate 21 residences nationwide. Help USA is relocating from East 33rd Street, where they occupied 19,000 sf of usable space.

Swig Burris Equities was represented by executive director Robert Lowe and Jonathan Dean of Cushman & Wakefield Inc., who serve as the leasing agents for the building, while Help USA was represented by James De Luca, also of Cushman & Wakefield.

“This lease furthers evidences a solid commitment to 5 Hanover Square 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 will offer,” says C & W’s Lowe.

Swig Burris is in the process of transforming the property into a luxury boutique office building. Renovations will include new elevator cabs, new core bathrooms, new multi-tenant floor upgrades and the installation of a state-of-the-art security and fire/life safety systems. There will also be lobby renovations and the entire two-story façade front will be replaced with a new all-glass one. Hanover Square Park, the open space in front of the building, will also undergo a full renovation. It will renamed the British Memorial Gardens at Hanover Square, commemorating the 67 Britons who died on Sept. 11 as well as those British subjects who died alongside Americans in various wars. Other tenants in the now 96% leased building include Unisys Corp., Reliance Insurance Co. and Jordan and Jordan Inc.

Over the past few years, Swig Burris Equities has purchased and is in the process of developing in excess of $350 million of properties.

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