The investment firm CVC Capital Partners renewed and expanded its lease for a total 20,000 square feet at 712 Fifth Avenue. Asking rents surpassed $100 per square foot, an increasingly rare sum in the current market.
The 10-year lease will have CVC Capital stay on the 43rd and extend to the 42nd floor of the 53-story, 540,000-square-foot tower managed by Paramount Group.
CBRE’s Ben Friedland and Silvio Petriello represented the tenant. Ted Koltis and Peter Brindley represented the landlord in-house.712 Fifth Avenue has carved a reputation as one of Midtown’s most expensive buildings with a backbone of small financial services tenants. The Scottish-based Aberdeen Assets inked an 11,000-square-foot deal there last summer, joining neighbors the Vector Group and Riverstone Holdings. The estimable fashion houses Roberto Cavalli and Christian Dior are also tenants.
Crain‘s reported yesterday that there were 35 three-figure lease deals in New York last year compared to 46 in 2011. Companies looking to pay past the century mark in rent can continue to look at 712 Fifth Avenue: a Paramount Group phone app created by Mr. Koltis notes that 114,790 square feet are currently available in the building.
Brokers from CBRE and Paramount Group declined requests for comment.
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