Historic Argonaut Building at 57th & Broadway to Undergo Green Renovation

The Monaco real estate developer M1 has purchased the historic Argonaut Building in Midtown and will pursue a LEED rating as it transforms the property into a modern Class A office building.

On Tuesday, M1 Real Estate, a Monaco-based real estate developer, inked a 99-year leasehold on the 10-story Argonaut Building at West 57th Street and Broadway. The Argonaut is the firm’s first foray into the North American market, and a spokesperson for M1 called the property a “home run acquisition.” M1 is currently evaluating the merits of two other potential deals in New York, which would add to its global presence that includes extensive holdings in London, as well as Paris and Frankfurt.

The Argonaut is across the street from heralded LEED Gold Hearst Tower, and M1 plans to seek an unspecified LEED rating in connection with its renovation of the property’s entire 175,000 square feet. The three lower floors offer 40,000 square feet of retail while the upper floors will boast 135,000 square feet of Class A offices. All of the space is currently unoccupied; it was previously the home to Hearst prior to the publisher’s move into its new headquarters.

M1′s renovation effort should take between 14 and 18 months and cost approximately $45 million; the developer is aiming for at least partial occupancy by the close of 2008 and expects at least three or four retail tenants, though the office space could let to a single firm. Details on green features aren’t presently available, though GVA Williams will partner with M1 on the renovation. The project’s most sustainable feature, of course, is the Argonaut’s age; it was initially built in 1909 and served as the headquarters for General Motors prior to Hearst, and the building’s name actually comes from that of GM’s holding real estate holding company. The neo-Gothic, terra cotta tower was landmarked by the city back in 2000.

about gbNYC

gbNYC is a multi-disciplinary consulting and real estate services firm. In addition to representing office tenants and commercial buyers in leasing and acquisitions, we also provide innovative consulting solutions from a unique, green building perspective. We advise on green building financial incentives, comment on proposed green building marketing strategies, author white papers, treatises, and market analyses, organize seminars on the LEED process and professional accreditation, and provide advice and analysis on green building risk management and the overall state of green real estate, leasing, and construction, in New York City and beyond.

Our blog, the gbNYC+ journal of real estate, law, + sustainability, delivers consistent, original content - from a New York City perspective - on how technology, data, and sustainability are changing how we interact with our built environment. Subscribe below and receive new articles as they're published or connect with our social media presence to join our ongoing conversation about real estate and sustainability, in the Big Apple and beyond. Contact us at (201) 835-8530 or info@gbNYC.com for more information about our services and to discuss how we can assist you.

, , , , , , , ,

No comments yet.