Addison Signs Deal at 48 Wall Street
Jotham Sederstrom June 14, 2012, 1 p.m.
Swig Equities, the owner of the landmark building 48 Wall Street, inked a deal with Addison, a brand strategy and design firm, Kent Swig, the firm’s president, announced last week.
Addison signed a 14-year lease for 27,300 square feet occupying the eighth and ninth floors of the building. The firm is relocating from 20 Exchange Place where they occupied 24,600 square feet. The firm represented itself in the deal. The asking rent was in the mid to high 30’s per square foot (a spokesperson would not disclose an exact number).
Jonathan Dean of Swig Equities represented the landlord in-house.
The 34-story, 324,000-square-foot office tower built in 1927 is now 90 percent occupied. Under Mr. Swig’s ownership, the building was completely gutted, giving the 10-year-old vintage building an updated infrastructure.
Addison is an independent brand strategy and communications design firm that also focuses on information simplification. Digitally and in print they combine business understanding with creative solutions to visualize and implement strategic communications that yield measurable results, according to the company website.
“When [Addison] came through they said the space was a bulls-eye,” Mr. Dean said. “It was everything they were looking for and more.”
Other major tenants at 48 Wall Street include Rockefeller Center Business Centers, Situs Holdings, EYE Mall Media, a premier out-of-home advertising firm, and D.F. King.