Soros non-profit foundation signs lease for entire Argonaut Building

September 06, 2011 08:47AM

Billionaire George Soros‘ Open Society Foundations will officially lease Lebanese investor M1 Real Estate’s Argonaut Building at 57th Street and Broadway as part of its rapid expansion plans, the Wall Street Journal reported.
The charitable foundation, which offers justice and education programs in more than 70 countries, has agreed to a 30-year lease of 152,000 square feet, or all of the office space in the building at 24 West 57th Street, the Journal said.

“This will be ideal because it will be a hallmark headquarters,” said Stewart Paperin, an executive vice president at the foundation. They will pay in the low- to mid-$50s per square foot, he said.
The Argonaut Building has had only two previous tenants. It was once the General Motors New York City headquarters, until Hearst purchased it in 1977. The non-profit human rights organization signed a letter of intent to lease the building in April. [WSJ]