Canadian newcomer brokerage Avison Young has nabbed its first big New York City assignment. The commercial leasing firm will be the agent for the 700,000-square-foot property at 1501 Broadway, in Times Square, Crain’s reported.

Arthur Mirante, New York president of Avison Young, will head the team of brokers.

“It’s a wonderful vote of confidence in us,” Mirante told Crain’s. “But as great as it is getting the assignment, we know we have to execute, because if you don’t, you’re history.”

The building is owned by a partnership of Levin Properties and other investors, Crain’s said.

About 220,000 square feet of the 31-story building lies vacant. The owners had previously toyed with the idea of converting some or all of the property into a hotel. Instead, they’re going to make building upgrades to the tune of about $25 million. The building will get new windows, elevators and a new lobby on 43rd Street, according to Crain’s.

Asking rents are expected to come in in the $50s or $60s per square foot on the lower levels. For the upper levels, rents will be as high as $70 per square foot. [Crain’s] — Zachary Kussin