Finance firm triples space at Swig’s 80 Broad

New York /
Oct.October 26, 2010 11:45 AM

80 Broad Street and Kent Swig

Financial firm Faunus Group International has signed an 11-year, 18,000-square-foot lease at embattled developer Kent Swig’s 80 Broad Street, a property Swig Equities was in danger of losing in July, the Observer reported. Faunus previously occupied 6,600 square feet on the 22nd floor of the downtown building, but it will now take over the entire 22nd and 34th floors, tripling its space there. Asking rents in the building are around $32 a square foot. “We are thrilled with the confidence shown in 80 Broad and Swig Equities by FGI,” Swig said in a statement. “We welcome its continued and expanded presence within our building.” Over the summer, one of Swig’s lenders foreclosed on the property after he defaulted on a $12 million loan. But the developer is holding on to the building, which he acquired for $70 million. Swig is said to owe as much as $50 million to various creditors, with past
rumors suggesting that he was threatening to file for bankruptcy. In the summer, The Real Deal reported that Swig had unloaded 140 William Street for $11.5 million, at a 53 percent loss.  [NYO]

 

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