JLL Capital Markets arranged $62 million in preferred equity for 51 Astor Pl., a trophy office property located in Lower Manhattan’s NoHo neighborhood. Senior managing directors Kelly Gaines and Drew Isaacson, along with directors Christopher Pratt and Jennifer Zelko, represented the sponsor, a joint venture between Edward J. Minskoff Equities, Inc. and LaSalle Investment Management, in securing the investment from Meadow Partners.

Delivered in 2013, 51 Astor Pl. is a 12-story, LEED Gold-certified office building totaling approximately 386,000 square feet and occupying a full city block. It is leased to a diverse roster of high-credit retail and office tenants, including Intuit, Perceptive Advisors, Tudor Investments and DailyMail.Com. A JLL team led by Paul Glickman represents 51 Astor in the leasing market.

“51 Astor Place stands at the intersection of exceptional design, strong sponsorship and one of Manhattan’s most supply-constrained office submarkets,” said Gaines. “The preferred equity structure provided an efficient capital solution that allows the sponsor to continue executing its leasing and value creation strategy without disturbing an existing below-market CMBS loan.”