Former Swig FiDi building seeks tenants for first time in several years

By Amy Tennery | November 11, 2010 04:00PM

From left: Sierra’s Peter Braus, Kent Swig, 140 William Street (building photo source: PropertyShark)

A seven-story, roughly 40,000-square-foot vacant commercial building at 140 William Street once owned by real estate developer Kent Swig has begun seeking tenants for the first time since it changed hands, after sitting vacant for “several years,” according to Sierra Realty, the exclusive leasing brokerage for the Financial District property.

The building, which Swig sold at a 53 percent loss in July when investor Chris Soukas snapped it up for $11.35 million, according to public records. That was nearly $3 million less than its $14.2 million asking price. Swig paid $23.9 million for the building in 2007. Sierra Realty is the first team to launch a leasing effort there since Soukas purchased it.

140 William Street is a wonderful property and we wish the new owners much success in their leasing and marketing efforts,” a spokesperson for Swig Equities said in a statement provided to The Real Deal.

Peter Braus, an executive vice president with Sierra and one of the marketing agents for 140 William Street, said that the completely vacant building’s flexible zoning and its dearth of tenants allow the landlord to cast a wide net.

“We are looking at everything from the expected tenancy — which would be retail on the ground and office leasing upstairs — to possibly long-term leasing to a hotel,” Braus said, adding that institutional tenants are also an option.

“We think it could be a great building for medical offices. [And] there is a huge need for educational space downtown now,” Braus said. “We’re also entertaining the option of doing some residential on the upper floors,” which the building is also zoned for, Braus noted.

The asking rent is $120 per square foot for the retail space and $29.50 per square foot for the office space. Braus said there is no asking rent for the whole building, in the event that it is entirely leased out.

The former bank building, which is divided into 5,000-square-foot floors, includes a 2,800-square-foot top-floor penthouse unit, which Braus said is ideal for residential use.