|Downtown Proves Tempting for TitleVest
February 8, 2006
Kent M. Swig, president of Swig Equities, LLC, owner of the landmark building at 44 Wall Street, in partnership with Zamir Equities, announced that TitleVest Agency, Inc. has leased the entire 10th floor comprising 16,100 s/f.
TitleVest is relocating to 44 Wall Street from a midtown location where they occupied only 4,500 s/f.
"We are pleased to welcome TitleVest to our building and thank them for their integrity and efforts during our entire negotiation process, which was completed in just three weeks," said Swig.
The landlord was represented by Todd Korren, senior vice president and director of leasing at Swig Equities, while the tenant was represented by Mark Shapses, senior managing director of Studley, assisted by associate director Jason Schwartzberg.
"Although we conducted a citywide search for our client, who had no specific desire to be situated Downtown, the quality of the building at 44 Wall Street combined with the government incentives associated with moving to this building, and the fact that the space offered a multimillion dollar high-tech luxury build-out left by the previous tenant, convinced TitleVest to commit to the building," said Shapses.
The specific incentives that Titlevest qualified for include a commercial rent tax exemption, a sales tax exception on build-outs, a real estate tax abatement associated with the Commercial Revitalization Program and savings connected with the Lower Manhattan Energy Program.
Said William Baron, president of TitleVest, "The relocation offers us an unprecedented opportunity to expand our business to new clients Downtown and, of course, we are very proud to be a part of the extraordinary resurgence that's taking place in the area."
TitleVest will move into its new turnkey space within the next few weeks.
Larry Hutcher Esq. of Davidoff Malito & Hutcher LLP acted for TitleVest, while William E. Stempel, Esq, Senior Vice President and General Counsel, acted in-house for Swig Equities, LLC.