CB Insights Takes Full-Floor at Midtown Manhattan Tower
The tenant will occupy more than 43,000 square feet at 498 7th Ave. starting with June 2019. The company has been in the building since 2016.
By Corina Stef
498 7th Ave.
CB Insights has signed an 11-year lease with George Comfort & Sons Inc., Loeb Partners Realty and JP Morgan Chase Asset Management to occupy the entire 12th floor at 498 7th Ave. in Midtown Manhattan. According to Yardi Matrix, the tech market intelligence platform will occupy a total of 43,016 square feet in the building from June 2019.
Extensive renovation
The company has been subleasing 17,000 square feet on the 17th floor since 2016. The 25-story, 960,000-square-foot property is currently undergoing a capital improvement program which will result in a new facade on the first two floors, a Gensler-designed reimagined lobby with three street entrances as well as two private lobbies for the anchor tenant, SEIU. Other major tenants include Hazen & Sawyer, Modells Sporting Goods, Milrose Consulting and JP Morgan Chase Bank.
Dashrock Group’s Drew Conner assisted the tenant, while Ian Lester of Lester Bleckner and Shaw LLP acted as counsel. Matt Coudert and Andy Conrad represented the landlord in-house, and Cory Tarzik of Blank Rome LLP advised on the transaction.
The asset is situated within walking distance of retailers, restaurants and banks. Penn Station is only a few blocks away, while multiple bus and subway stations are in the proximity. In September, Rockefeller Group signed a 239,000-square-foot lease Bessemer Trust at 1271 Ave. of the Americas, also in Midtown Manhattan.
“CB Insights has more than doubled team size and tripled revenue since laying foundation at 498 7th Ave. in 2016,” CB Insights Co-Founder & Chief Operating Officer Jonathan Sherry said in a prepared statement.
Image courtesy of George Comfort & Sons Inc.
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