The Wall Street Journal checks in (registration required) on our friend the IBM Watson building (aka 51 Astor Place).
While developer Edward J. Minskoff didn't fully lease the building by the end of January like he predicted, the place is 70 percent leased, and will likely reach 90 percent in a few weeks if all the negotiations go well with prospective tenants. All this has quieted those real-estate skeptics who thought Minskoff was bananas for building the 400,000-square-foot tower on spec.
"My gut feeling was that when it was finished, the tenants would come," said Mr. Minskoff. "And that's exactly what happened."
And the long-term impact on this neighborhood?
Mr. Minksoff's tower could still face leasing challenges if his deals in the pipeline aren't signed. But if he fills the building at high rents as he predicts, his success could spur other developers to build office properties in the area or to buy older buildings and upgrade them.
"The building and tenant roster have increased the real estate value in the surrounding area." said Paul N. Glickman, vice chairman at Jones Lang LaSalle, the leasing agent for 51 Astor.
The IBM Watson Group is the anchor tenant here with 120,000 square feet.