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RIDE-ALONG WITH FIRSTSERVICE WILLIAMS

WASHINGTON DC 06.27.2017

THE WASHINGTON DC STATE OF THE MARKET

Matt Bronfman -- Jamestown Properties
Anthony Lanier -- EastBanc
Herb Miller -- Western Development
RIDE-ALONG WITH FIRSTSERVICE WILLIAMS
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.
RIDE-ALONG WITH FIRSTSERVICE WILLIAMS
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.
RIDE-ALONG WITH FIRSTSERVICE WILLIAMS
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.
RIDE-ALONG WITH FIRSTSERVICE WILLIAMS
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.)
RIDE-ALONG WITH FIRSTSERVICE WILLIAMS
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.
RIDE-ALONG WITH FIRSTSERVICE WILLIAMS
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.)
RIDE-ALONG WITH FIRSTSERVICE WILLIAMS
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.)