Sass, Brock and Given of FirstService Williams arrange 4,662 s/f lease

TD Bank has 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 Street 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." 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. 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 is in the process of undergoing complete internal renovations, including new HVAC, elevators, lobby, generators, and sprinkler systems. The renovations are 80 percent 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 building was constructed in 1909 and became General Motors' original New York City headquarters building. The original architect of the building was Francis 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. FirstService Williams serves as is the Tri-State metropolitan hub of FirstService's Commercial Real Estate services division. Major service lines include: Tenant advisory services, owner representation, corporate services, capital markets, retail, industrial, FSW consulting, financial services, asset management and project management. With nearly 300 employees and offices in Manhattan, Westchester, New Jersey and Connecticut, FirstService Williams advised on more than $4.5 billion in sale, lease and capital markets transactions over the last 12 months. The firm manages more than 16 million square feet of prime commercial property. For more information, please visit the FirstService Williams web site at www.fswre.com. About M1 Real Estate Headquartered in Monaco, M1 Real Estate holds portfolios of various properties in Europe and the Middle East, developing both residential and prime retail properties, with value-added designs and products, adhering to the highest ethical standards, and generating superior and sustainable returns. Furthermore, the principals of M1 Real Estate, with over 40 years experience in the construction, real estate, and property development sectors, are venturing into development projects as well as acquiring income producing properties in major U.S. cities.