Score One for Swig! Finance Firm Triples Space at 80 Broad

Some unexpected good news has come from Kent Swig’s embattled 80 Broad Street.

Financial firm Faunus Group International has inked an 18,000-square-foot lease in the building, which Swig Equities was poised to lose just a couple of months ago.

“We are thrilled with the confidence shown in 80 Broad and Swig Equities by FGI,” said Mr. Swig in a statement. “We welcome its continued and expanded presence within our building.”

The firm previously occupied 6,600 square feet on the 22nd floor of the building, but it will triple its space to take the entire 22nd and 34th floors for 11 years.

Asking rents in the building are around $32 a square foot.

Over the summer, one of Mr. Swig’s lenders foreclosed on the marquee downtown property after he defaulted on a $12 million loan. But thus far the developer is holding on to the building he acquired for $70 million during a boom-time buying spree. More than 83,600 square feet remain vacant in the 400,000-square-foot building, according to Mr.OfficeSpace.com. 

Jamie Drummond, Steven Jaray and Sheena Gohil of Colliers International represented the tenant. Todd Korren represented the landlord in-house.