The Real Deal New York

Minskoff’s 51 Astor fully leased after IBM expands

Tower opened in 2013 entirely on spec
April 29, 2015 09:30AM

IBM inked a lease for an additional 25,401 square feet at Edward J. Minskoff Equities’ 51 Astor Place, bringing the 400,000-square-foot to full occupancy.

IBM now takes up 143,836 square feet, according to the New York Post. The tower opened its doors in the summer of 2013, without any major tenants in place.

The developer’s “vision was validated when we ended up not only with a diverse tenant base from the TAMI sector, but with financial tenants as well,” JLL’s Paul Glickman told the newspaper. Claren Road Asset Management and Tudor Investment Group also signed leases at the building.

Asking rents in the building were between $90 and $120 per square foot. Architect Fumihiko Maki designed the tower and Jeff Koons’ sculpture Balloon Rabbit (Red) adorns the lobby. [NYP] — Claire Moses