[EVG file photo]
The Wall Street Journal had an article yesterday (subscription required) on the well-regarded brokerage firm Jones Lang LaSalle and its work leasing 51 Astor Place.
Now the firm is facing one of its biggest challenges yet: representing developer Edward Minskoff in his effort to lease up his new 400,000-square-foot development at 51 Astor Place in the East Village. The building, which opened in May, has yet to sign a single tenant.
And there were a few close calls, such as Microsoft, which opted for Times Square, and Facebook, which decided to lease space directly across the street at 770 Broadway
Regardless, Paul Glickman, a vice chairman at Jones Lang, told the Journal that "70 percent of the building is close to being leased but declined to name tenants."
Sources said that developer Edward Minskoff "took a risk by developing a modern office tower in a neighborhood best known for funky older buildings — in high demand among technology firms and media businesses."
There's also a matter of rent, which may be too pricy for the area. Rents at 51 Astor reportedly vary from the $80 a square foot for lower floors to more than $100 a square foot for higher floors.
Previously on EV Grieve:
51 Astor Place demolition begins July 1; 17 months to build new black-glass tower
East Village — the new Midtown?