Perceptive Advisors Expands to 25K SF at 51 Astor Place

One of the original tenants at Edward J. Minskoff Equities-owned 51 Astor Place is expanding its presence in the building, Commercial Observer has learned.

Life sciences venture capital firm Perceptive Advisors is bumping its footprint up to 25,000 square feet, according to JLL. The lease builds on the company’s former 18,000 square feet of space on the building’s 10th floor. 

JLL did not disclose the asking rent or the length of the lease, but asking rent in the building has ranged between $175 to $215 per square foot, according to a source.

“Tenants recognize 51 Astor as a distinct luxury product with high-design and a superior environment,” JLL’s Paul Glickman, who repped the landlord alongside Mitchell Konsker, Benjamin Bass and Cynthia Wasserberger, said in a statement. “Leading tenants have chosen to renew and expand in the property because 51 Astor powerfully reflects their culture, image and identity.”

Josh Friedman and Michael Horn of Newmark negotiated on behalf of the tenant but did not immediately respond to a request for comment.

As the 400,000-square-foot building, which is known as the “Death Star” for its menacing appearance, reached completion in 2013, leasing lagged expectations. 

At the time, 51 Astor Place was considered one of JLL’s “biggest challenges yet” before online auctioneer 1stdibs claimed a 42,232-square-foot section in late 2013, with Glickman advising the landlord.

A few months later, St. John’s University agreed to a 71,000-square-foot lease there, and IBM took 25,401 square feet in 2015, making the building 100 percent leased at the time.

Most recently, in April, financial technology firm Intuit expanded to a total of 115,000 square feet in the building.

Mark Hallum can be reached at mhallum@commercialobserver.com.