Sass, Given and Brock of FirstService WIlliams secure 4,662 s/f lease for new TD Bank branch

Defying the overall struggles in the banking industry, TD Bank has expanded its retail offerings in the city. The commercial bank signed a 20-year, 4,662 s/f lease for a new retail branch, at 224 West 57th St., also known as the Argonaut building. "TD Bank wanted high-end retail space in a top-flight neighborhood that would promote the bank's dynamic aesthetic—new, modern amenities with a classic and historic feel of prominence, security and stability," said Robert Sass, executive managing director with FirstService Williams, who along with Brian Given and Ed Brock arranged the lease on behalf of the ownership group. "When looking for space, TD Bank considered the four vacant, ground-floor retail corners at the intersection of 57th St.and Broadway, close to the Time Warner Center shopping district. TD Bank ultimately decided on the southeast corner, which it felt was clearly the pick of the litter." TD Bank is conscious of the building's rich history and as part of its build-out of the space include the restoration of the original brass columns, which were boxed in by the previous tenant. Building ownership will restore the retail façade to its original grandeur by installing mahogany window and door frames along the 150 ft. of street frontage. The architecturally distinct, 175,000 s/f landmark building boasts a sophisticated identity with a European sensibility. The Argonaut is in the process of undergoing complete internal renovations, including new HVAC, elevators, lobby, generators, and sprinkler systems. The renovations are 80% complete, with an expected end of summer completion. Some aesthetic restoration work also is being performed on the building's exterior in conjunction with the guidelines of the city's Landmark Preservation Commission to restore its original splendor. In excess of $50 million in hard and soft costs will be expended to renovate and re-tenant the building. The 10-story Landmark building was constructed in 1909 and became General Motors' original New York City headquarters building. The original architect of the building was Francis H. Kimball. The Hearst Corporation purchased the building from General Motors in 1977 and took over as the building's second single occupant. Several of the media company's magazine titles recently moved from the building into Hearst's new architecturally acclaimed headquarters building. The Argonaut ownership group is controlled by M1 Real Estate; FirstService Williams serves as exclusive Leasing Agent and Development Manager. Joanne Podell, of Cushman & Wakefield, represented TD Bank in the lease transaction.