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May 1, 2009
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RIDE-ALONG WITH FIRSTSERVICE WILLIAMS
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Check out: B'nai B'rith's May 6 luncheon, featuring SJP Properties, Hines, Madison Equities, R&B Development Group, and CBRE's Steve Siegel (12pm-2pm, 6 E. 44th, RSVP). NYC Network Group's May 7 monthly breakfast, featuring A.R.S. Abstract, Cost Recovery Solutions, Mind Shift Technologies, New York Business Brokerage, and United Short Sale R/E (9:30am-11am, 24 E. 39th, RSVP).
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Yesterday, we traveled with FirstService Williams as it showed off space it's working on and leasing out around Manhattan. It was the most comparable thing a real estate publication has to a police ride-along, and we'd say our thin blue line has a green streak.
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We first wrote up the century-old Argonaut Building back in October, so we sought an update on its $20M core-and-shell renovations. FirstService Williams' green guru Lesley Lisser and building manager Bob Sass tell us that Argonaut is on track for July completion and aiming for LEED-CS Gold by autumn. Future tenant build-outs will also go for LEED-CI Gold.
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Lesley with Argonaut's Team Green: Gensler's Solim Choi, AKF Engineers' Giovanni Melendez, YRG Sustainability Consultants' Keith Amann, and B.R. Fries Constructors' Ken Kida. Their sustainability efforts have already saved the building major bucks through NYS Energy Research and Development Authority credits. Behind them is one of the water-cooled HVAC units, which alone has generated over $100k in payback.
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Bob also tells us that leasing prospects have changed. Williams was aiming for one or two tenants to fill the space occupied by only two tenants in Argonaut's lifetime—General Motors and Hearst Corp., the latter which moved to nearby Hearst Tower. But since the market changed, interest has shifted to single and half-floors. He says Williams is currently in talks with three prospective tenants for four of the office floors. (More photos.)
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We also dropped by a broker event at 500 Fifth Avenue, where 8.8k SF of prime space recently became available on the 58th and 59th floors, which FirstService Williams' Sean Kearns (above, with yesterday's helpers) and Harry Blair (below, right) are marketing for $79 PSF. The bonus? A perfectly centered view of the Empire State Building. There are additional availabilities for smaller users starting at 900 SF, they tell us, as well as some retail spots. The 21k-SF Zara store recently opened downstairs.
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Harry with Hercules Realty Group's Filippa Edberg and FirstService Williams' Joseph Caridi. The lovely ladies and this cleverly designed $100 bill made us think we accidentally stepped onto the set of "The Price Is Right." A few lucky brokers won $100 gift cards, while a grand prize winner walked away with $500 in honor of the building's address. (However, unlike the game show, the brokers remained cool and composed—and nobody urged us to spay our pets.)
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These Winoker Realty folks are only some of the 150 brokers who stopped by: Marc Miller, Kyle Feller, Anat Yaron, Jonathan Ben-Dayan, Adam Ben-Dayan, and Howard Epstein. Adam tells us that he has a 4k-SF office condo deal coming up in the Garment District, so keep your eyes peeled. (More photos.)
Travel is getting a bit expensive these days, so help Bisnow save money by touring your local space. E-mail story ideas and invitations to amanda@bisnow.com
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2009, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW Washington, DC 20036. All rights reserved.
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