498 Seventh Ave.
NEW YORK CITY—CB Insights (also known as CB Information Services, Inc.) has signed a direct 11-year lease for 43,000 square feet at 498 Seventh Ave. The tech market intelligence company expanded their space, having leased 17,000 square feet on part of the 17th floor in the same building since 2016. Under the new lease, in June 2019, the company will move, taking the entire 12th floor, following its buildout by the owners. The asking rent was in the low $70s.
The 25-story Midtown office tower is located between W. 36th and W. 37th streets. Its owned by a partnership of George Comfort & Sons, Inc., Loeb Partners Realty and JP Morgan Chase Asset Management.
“We are pleased that CB Insights has made a long-term commitment to 498 Seventh Ave. and that we are able to accommodate the company's impressive growth,” says Peter S. Duncan, president of George Comfort & Sons. He states the company views CB Insights' transition to a direct lease as a validation of their efforts at tenant services.
The property is undergoing a major capital improvement program, modernizing the building. Renovations include a new façade on the first two floors, and a Gensler-designed lobby featuring three street entrances in addition to two private lobbies for SEIU, the major tenant in the building.
CB Insights analyzes data available through public and private companies and provides business intelligence to Fortune 500 company executives.
Jonathan Sherry, CB Insights' co-founder and COO, states his company has more than doubled team size and tripled revenue since moving into the building in 2016. “The team at George Comfort & Sons has been a great partner in accommodating our growth and so we're excited to expand our global headquarters in their building.”
Other notable tenants of the 960,000 square-foot tower include Hazen & Sawyer, Modells Sporting Goods, Milrose Consulting and JP Morgan Chase Bank.
CB Insights was represented by Drew Conner of Dashrock Group, LLC and Ian Lester of Lester Bleckner and Shaw LLP, as counsel. George Comfort & Sons was represented in-house by Matt Coudert and Andy Conrad, as well as by Cory Tarzik of Blank Rome LLP, as counsel.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
