No, there is no height set, it’s simply set by the elements in that section of the page — see this CSS – likely the padding:
#footer .wrap {
font-size: 11px;
margin: 0 auto;
overflow: hidden;
padding: 16px 0 25px;
text-transform: none;
width: 960px;
}
But be aware that you should not make changes to theme files — rather use a Child Theme or custom CSS option or plug-in.
If you need further help, check with studiopress – as commercial themes are not supported here.
How high should it be? It looks ok to me in IE10.