X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Kent M. Swig, president of locally based Swig Equities LLC, has acquired Helmsley-Spear Inc. from the Schneider family. The firm was fought over by Leona Helmsley, who relinquished her claim years ago, and the Schneider family.

According to Swig Equities, the company will now be in a position to offer the commercial market place a complete range of operating, management and construction services. A spokesperson for Helmsley-Spear tells GlobeSt.com that no further terms were disclosed.

“Helmsley-Spear’s core expertise in the commercial office market segment will integrate seamlessly with Swig Equities existing business platform,” notes Kent Swig in a prepared release. “Helmsley-Spear’s substantial name recognition provides the opportunity to leverage Swig Equities’ network of relationships and expertise by providing additional services to tenants and landlords in the commercial real estate marketplace.”

Swig Equities has created an operating platform with an array of services on which Helmsley-Spear can draw to create a more productive, efficient and cost-effective basis for all operations, according to the company. These services include property and asset management procedures and policies, accounting, financial reporting, human resources, payroll, information technology, market research, and economic forecasting.

In addition, the project development department within Swig Equities, consisting of seven full-time licensed architects, as well as Falcon Pacific Construction, will be available to provide development and construction management services to those Helmsley-Spear clients seeking to redevelop and reposition their properties.

Helmsley-Spear has been a leader in commercial and residential real estate since 1866, evolving from a real estate company to a full-service firm. Helmsley-Spear focus has included office and retail leasing, investment sales, asset management, and property management. Originally founded as L.B. Goodale in 1866, the company went through three ownership changes with new partners added in the first two decades of the 20th century. Kent Swig represents only the fourth owner of Helmsley-Spear Inc.

Swig Equities is owner and manager of more than four million sf of commercial office space in New York City and San Francisco, and more than 1,200 luxury residential apartments in New York City. Currently, Swig Equities’ project development department is undertaking more than $1 billion of development projects.

“Helmsley-Spear will be repositioned and expanded and will operate as an independent affiliate company as part of the Swig Equities organization,” Swig explains. “In order to reposition and expand Helmsley-Spear, we shall be undertaking a major capital program which will include new office space, new computers, new software technology, new telephones, new marketing and collateral materials, and new policies and procedures.”

He further notes that, “in addition, we shall begin an expansion program to selectively retain additional brokers in investment sales, and retail and commercial office leasing, as well as new property management assignments. It is anticipated that the Swig Equities affiliate Falcon Pacific Construction will play an increasingly larger role in future Helmsley-Spear activities, particularly as an owner’s representative on commercial construction projects.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.