The company, which specializes in marketing and consumer research, will now occupy a portion of the sixth as well as the entire seventh and 14th floors via a 10-year lease, according to a press release from CBRE, the tenant’s broker.
Loeb Enterprises’ existing lease at the 543,341-square-foot building between West 55th and West 56th Streets was expiring, according to a CBRE spokeswoman. The firm expanded by 12,930 square feet in the new transaction, she added, making it the largest tenant at the 52-story property. The spokeswoman declined to provide the asking rent.
“712 Fifth Avenue offered Loeb Enterprises the opportunity to accommodate their significant growth, and in the process, created two usable outdoor terraces,” Anthony Dattoma of CBRE said in prepared remarks.
Dattoma and colleague John Maher represented Loeb Enterprises, while Douglas Neye and Peter Brindley of Paramount Group represented the landlord in-house. Paramount Group declined to comment via a spokesman.
Investment firm CVC Capital Partners signed a renewal and expansion in January 2013 for a total of 20,000 square feet, as Commercial Observer reported at the time.