Venture-capital research firm more than doubles its footprint in the Garment District

CB Insights inks 43K sf deal with George Comfort & Sons at 498 7th Ave

New York /
Oct.October 31, 2018 02:00 PM

George Comfort’s Peter Duncan and 498 7th Avenue (Credit: Trinity College and Google Maps)

CB Insights, a research firm that tracks venture capital investing, is growing to more than 40,000 square feet in the Garment District.

The 10-year-old company signed a direct lease for the full, 43,000-square-foot 12th floor at George Comfort & Sons’ 498 Seventh Avenue, the landlord told The Real Deal.

CB Insights will relocate to the space in June from the building’s 17th floor, where for the past two years it’s occupied about 17,000 square feet on a sublease.

Jonathan Sherry, CB Insights’ co-founder and COO, said the company “has more than doubled team size and tripled revenue since laying foundation” at the address in 2016.

Asking rent for the new deal, which has a term of 11 years, was in the low $70s per square foot, according to George Comfort.

Drew Conner of the Dashrock Group represented CB Insights in the lease negotiations, while George Comfort & Sons’ Matt Coudert and Andy Conrad represented the landlord in-house.

George Comfort is in the midst of upgrading the 960,000-square-foot building at the corner of West 37th Street, including adding a new façade to the first two floors and a new building lobby.

Healthcare union 1199SEIU Healthcare Workers East and its benefit fund last year signed a lease for 580,000 square feet at the building, where they’ll have their own private entrance.

Earlier this year, trucking-logistics startup Transfix signed a direct lease with the landlord for 60,000 square feet.

The building’s ownership, which includes JPMorgan Asset Management and Loeb Partners Realty, sold a $150 million stake last year to MetLife in a deal valuing the property at roughly $700 million.


Related Articles

arrow_forward_ios
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
Innovo lands $155M construction loan for LIC warehouse
Innovo lands $155M construction loan for LIC warehouse
Restaurants and bars accounted for a majority of the gains in February (iStock)
Leisure, hospitality big winners in February job gains
Leisure, hospitality big winners in February job gains
The company currently operates 761 stores, and intends to open 100 new stores this fiscal year. (iStock)
Retailer Burlington plans to double store count
Retailer Burlington plans to double store count
(Getty, Photo Illustration by The Real Deal)
Retail had its reckoning. Will subleases flood the market?
Retail had its reckoning. Will subleases flood the market?
Ascena owns Ann Taylor, Lane Bryant, Lou & Grey and Cacique. (Getty)
Ascena restructuring approved post-bankruptcy
Ascena restructuring approved post-bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...