George Comfort & Sons signed a new 11-year direct lease with CB Insights at 498 Seventh Avenue, its 25-story office tower in Midtown Manhattan.
CB Insights, which is a tech market intelligence platform that analyzes millions of data points on public and private companies to provide insights to Fortune 500 executives, has been subleasing 17,000 s/f across a portion of the 17th floor since 2016. Under the new lease, the company will move to the entire 12th floor in June 2019 following a buildout of the floor by ownership.
“We are pleased that CB Insights has made a long-term commitment to 498 Seventh Avenue and that we are able to accommodate the company’s impressive growth,” said Peter S. Duncan, president of George Comfort & Sons. “We view CB Insights’ transition to a direct lease as a validation of our efforts to provide all tenants at our building with the highest level of service.”
Jonathan Sherry, Co-Founder and Chief Operating Officer of CB Insights added, “CB Insights has more than doubled team size and tripled revenue since laying foundation at 498 Seventh Avenue 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.”
498 Seventh Avenue is in the midst of a major capital improvement program designed to transform the tower into a more modern environment. Improvements include a new façade on the first two floors, as well as a new Gensler-designed lobby that will have three prominent street entrances in addition to two private lobbies for SEIU, the major tenant in the building.
Owned by a partnership of George Comfort & Sons, Inc., Loeb Partners Realty and JP Morgan Chase Asset Management, 498 Seventh Avenue is located a few blocks north of Penn Station in Midtown. Notable tenants of the 960,000 s/f tower include SEIU, 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.