In this paper we present different optimization techniques on look-up table based algorithms for double precision floating point arithmetic. Based on our analysis of different look-up table based algorithms in the literature, we re-engineer basics blocks of the algorithms ( i.e. multiplier(s) and adder(s)) to facilitate area and timing benefits to achieve higher performance. We propose different look-up table optimization techniques for the algorithms. We also analyze trade-off in employing exact rounding ( 0.5ulp) ( unit in the last place) in the double precision floating point unit. Based on performance and extensibility criteria we take algorithms proposed by Wong and Goto as a base case to validate our optimization techniques and compare the performance with other algorithms in the literature. We improve the performance ( latency x area) of Wong and Goto division algorithm by 26.94%.