Stellar Management has completed its first real estate project since founder Laurence “Larry” Gluck passed away in June.
The developer announced Tuesday morning that it has finished work on Astoria Pointe and landed the coworking firm IWG as its anchor tenant. The mixed-use office project at 35-01 36th Ave. in Queens stands 9 stories tall and spans about 54,000 square feet, split between roughly 50,000 square feet of office space and 3,000 square feet of retail space on the ground floor. Amenities at the project, located at the intersection of 35th Street and 36th Avenue, include a roof deck and a bike room.
IWG’s lease is for 8,041 square feet, according to Stellar’s announcement. Mitchell Arkin, Joshua Branham and John Peters of Cushman & Wakefield represented the landlord in the deal, and move-ins at the building should begin during the second quarter of the year.
Stellar purchased the site in 2019 for $5 million, property records show. A representative for the firm did not immediately respond to questions about the total cost to develop Astoria Pointe or the asking rent for the IWG lease, although typical office rents in the neighborhood appear to be in the $40s per square foot.
Gluck, who died at age 71 following a battle with ALS, founded Stellar Management in 1985 with developer Steve Witkoff, who was recently tapped to serve as the Trump administration’s Middle East envoy. The firm, which has faced multiple controversies with tenants over the years, has a portfolio of more than 12,000 apartments across more than 100 buildings, along with more than 2 million square feet of office space and more than 1 million square feet of retail space.
IWG was founded more than 30 years ago and operates brands including Regus, Signature, HQ and Spaces. The firm is based in Switzerland and has almost 3,300 locations across more than 110 countries overall.
