The investment firm CVC Capital Partners has inked a 10-year expansion and renewal deal at the 540,000-square-foot, Paramount Group-owned 712 Fifth Avenue, Crain’s reported. CVC, which currently occupies the building’s 43rd floor, will expand into the 42nd floor as well. The deal totals 20,000 square feet.
The building rises 53 stories and is located between West 55th and West 56th streets. Asking rents are in excess of $100 per square foot, which Crain’s says is an exceptionally high sum, amid Midtown’s leasing slump. Cushman & Wakefield data shows that commercial deals over $100 per square foot slipped to 35 in 2012 from 46 in 2011.
Ben Friedland and Silvio Petriello of CBRE represented the tenant. Paramount had in-house representation from Ted Koltis and Peter Brindley. [Crain's] –Zachary Kussin