NEW YORK— 48 Wall Street — a 34-story, 324,000 sq. ft. office tower located in the financial district of Manhattan — is open for business after taking a hiatus for a complete renovation, restoration and upgrade.
The Bank of New York previously occupied 48 Wall Street, which was built in 1927. Swig Burris Equities LLC, a New York-based real estate, investment and management firm, and MacDonald & Cie, acquired the building and land in 1998.
All of the original 1927 architectural detail of the building was retained. Internal renovations included the installation of a new fiber-optic system for broadband access, a tenant-controlled heating ventilation and air conditioning (HVAC) system, new electrical service and an Otis elevator system. Renovations also included restoration of the marble lobby and installation of a concierge desk.
The building’s occupancy is at 65%. Major tenants include GMAC Commercial Mortgage, 51,000 sq. ft.; Rockefeller Business Centers, 41,000 sq. ft.; Gensler, Design and Planning Worldwide, 27,300 sq. ft.; Lord Securities and John W. Bristol & Co., 9,325 sq. ft.