Venture Capital Company Loeb Enterprises Renews 18K-SF Office at 712 Fifth Avenue
By Isabelle Durso September 3, 2024 1:14 pm
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Venture capital company Loeb Enterprises will continue to house its headquarters at Paramount Group’s 712 Fifth Avenue for another decade.
The marketing firm signed an 18,056-square-foot renewal for part of the sixth floor and the entire seventh floor of the 52-story building, according to broker CBRE (CBRE).
“Loeb Enterprises has been a long-standing and trusted client over the past decade — this is CBRE’s third transaction on their behalf at 712 Fifth Avenue,” CBRE’s Anthony Dattoma, who brokered the deal for both sides, said in a statement. “Their operations are critical to supporting the growth of novel, innovative and fast-growing companies.”
A spokesperson for CBRE declined to provide asking rent, but a report from Newmark found office rents in Midtown averaged $79.55 per square foot during the second quarter of 2024.
Spokespeople for Paramount and Loeb did not immediately respond to requests for comment.
Loeb, which specializes in marketing and consumer research companies, was founded in 2006 by Michael Loeb and Rich Vogel. The firm aims to help startups become “mature businesses” through investment, according to CBRE.
The firm previously renewed its offices at the 545,000-square-foot 712 Fifth Avenue in September 2016 for 30,986 square feet, making it the largest tenant at the property at the time, Commercial Observer previously reported. It’s unclear when Loeb downsized to 18,056 square feet.
Other tenants of the building on the corner of Fifth Avenue and West 56th Street include investment firm Aberdeen Standard Investments, which extended its lease for another eight years in April 2019; investment firm CVC Capital Partners; and private equity company Riverstone Holdings.
Isabelle Durso can be reached at idurso@commercialobserver.com.
