Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-In one of Lower Manhattan’s biggest leasing deals thus far in 2010, the New York Liquidation Bureau is moving into 116,540 square feet at Swig Equities’ 110 William St. The agency, which acts as receiver for impaired or insolvent insurers on behalf of the state’s Superintendent of Insurance, is expected to vacate its offices at 123 William St. this summer. Citing unnamed sources, Crain’s New York Business first reported the 16-year lease this past Thursday.

The NYLB lease calls for the bureau to take floors 15 through 17 and a portion of the 18th floor. Swig says in a release that the NYLB deal brings the 900,000-square-foot Financial District office tower to 98% occupancy. Asking rents at the 32-story tower are $33 per square foot.

In a statement, Swig Equities owner and president Kent Swig says the NYLB deal is “another example of the stability and strength of the commercial office environment in Lower Manhattan‘s FiDi neighborhood.” Todd Korren, Swig Equities’ SVP and director of commercial leasing operations, represented the ownership along with Jeffrey Schwartz of Wolf Haldenstein Adler Freeman & Herz LLP. The bureau was represented by Peter Hennessey and Scott Cahaly of Jones Lang LaSalle and Raymond A. Sanseverino of Loeb & Loeb LLP.

Completed in 1958, 110 William has undergone a major capital improvement program that included reconditioning the façade, installing a new lobby and front street entrance and upgrading the building systems. Swig and Longwing Real Estate Ventures, the US real estate arm of Dubai’s royal family, paid $164.5 million in 2004 to buy the tower from Chicago-based Trizec Properties. Swig’s other FiDi commercial properties include 5 and 7 Hanover Sq., 44 and 48 Wall St. and 25, 45, 80 and 90 Broad St.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


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 © 2020 ALM Media Properties, LLC. All Rights Reserved.