CB Richard Ellis represented L'Oréal USA as well as the building ownership. EVP William R. Hedman served as L'Oréal's exclusive real estate advisor, while CBRE's Edward Goldman, Stacey Fabrikant and Derrick Ades acted for owners, Kipp/Stawski Group.

Hedman says the company looked at several space options before staying with 565 Fifth. "In addition to more than 28,000 sf of new space, we were able to negotiate a significant future expansion option that could meet L'Oréal's growth needs in the years ahead." Financial details of the transaction were not disclosed, but space in the site goes in the mid $60s per sf.

The 30-story office on East 46th Street has a tenant roster including Morvillo, Abramowitz, Grand, Iason & Silberberg, the Bank of Scotland and ABN Amro's diamond, precious metals and jewelry group. Last summer, Build-A-Bear workshop signed on for 22,000 of retail space at the site.