An IBM Watson building update, and its possible future consequences

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.

Watson's first tag

Well, not much of a tag, to be honest… here at the IBM Watson building (aka 51 Astor Place). And what, exactly, is this temporary sign thingy out front? Looks like some shop class project… while a $50-million Jeff Koons rabbit sculpture sits inside the lobby.

Anyway!

… next frame, a bit of an upskirt moment…



Photos by Derek Berg

It's officially Rabbit Season now at the IBM Watson Building

The 14-foot red rabbit sculpture by Jeff Koons is now up and ready to leak pellets greet visitors to the IBM Watson Building at 51 Astor Place…



It was impressive enough to cause people to stop and photograph it during a snowstorm yesterday. (Present company included.)



Word is the thing weighs 6,600 pounds.

Previously on EV Grieve:
Meanwhile at the IBM Watson building, the Jeff Koons rabbit sculpture has arrived for the lobby

Watson still hasn't learned how to shovel snow

Oh! Just a scene this afternoon outside the IBM Watson building (formerly known as 51 Astor Place) ... At least Ken Jennings can push a shovel.

Photo by Derek Berg

My dear Watson: 51 Astor Place is now the IBM Watson building

[Photo via @IBM]

A few more details have emerged in the aftermath of last Thursday's announcement that IBM is opening a new business unit surrounding its "Jeopardy"-ass-kicking super computer at 51 Astor Place.

For starters, The Wall Street Journal reported Monday that IBM beat out Twitter for the 120,000-square-foot space.

IBM moved quickly to secure its spot in the 12-story tower by Astor Square, negotiating the details of the lease in just four days, said Edward Minskoff, the building's developer. "Twitter's a wonderful company and I would love to have been able to do both deals," Mr. Minskoff said.

And!

The building has been renamed — Please welcome the IBM Watson building to the neighborhood!

Per the Journal, the 12-story building is more than half-rented—with IBM, a 71,000-square-foot lease with St. John's University and a 42,000-square-foot lease with 1stdib. Leases on another three floors three floors are being negotiated.

Minskoff had said he'd fully lease 51 Astor Place by the end of this month.

Meanwhile at the IBM Watson building, the Jeff Koons rabbit sculpture has arrived for the lobby

We spotted this tweet yesterday from Katya Kazakina, art market reporter at Bloomberg News...

What's this? Jeff Koons balloon rabbit going up @ 51 Astor place: 6,600 pounds of stainless steel #artmarket pic.twitter.com/r1LBKmJjwh
— katya kazakina (@artdetective) January 14, 2014

As the Times noted last March, the new building at 51 Astor Place will feature a 14-foot-tall red rabbit sculpture by Jeff Koons will anchor the granite lobby.

OK! To date for the building, we have Watson, an artificially intelligent computer system capable of answering questions posed in natural language, and now a 14-foot-tall red rabbit. Now what?