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NEW YORK CITY-Swig Burris Equities acquired 110 William St. from Trizec Properties for $164.5 million. Earlier, Trizec exited the Pittsburgh market with the sale of the 1.5-million-sf Gateway Center office complex. Trizec has now exited three non-core markets during 2004.

One of the largest renewals of the year was signed in January when the New York City Economic Development Corp. signed a 262,500-sf lease for its headquarters at William Street site. The EDC, which had an existing lease set to expire in May 2007, will remain at the property through August 2014. The 32-story, 868,000-sf 110 William St. has other tenants including Quick & Reilly, AIG and a few other city agencies. Space in the site is advertised at between $25 and $34 per sf.

Swig Burris previously purchased 80 Broad St., 48 Wall St., 44 Wall St. and 5 Hanover Square. In total, the firm has purchased in excess of $450 million worth of properties.

Trizec will use proceeds from both transactions to repay property related debt and to reduce the balance on the company’s revolving credit facility. The remaining proceeds will be used for general corporate purposes, including potential future acquisitions. Chicago-based Trizec’s New York City-area portfolio now includes One New York Plaza, the Grace Building and the World Apparel Center at 1411 Broadway among others.

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