Law Firm Jacobs PC Moves HQ to 9K SF at 717 Fifth Avenue

Law firm Jacobs P.C. is moving its New York City headquarters to 717 Fifth Avenue.

Jacobs, which specializes in commercial litigation and bankruptcy, has signed a five-year lease for 8,844 square feet on the entire 17th floor of the 26-story Midtown office tower, according to broker CBRE (CBRE).

The asking rent was not provided, but asking rents at the building range from $95 to $135 per square foot, CBRE said.

The deal represents a relocation and expansion for Jacobs, which has already left its roughly 3,100-square-foot office at 595 Madison Avenue for its new space two blocks away at 717 Fifth, according to CBRE.

Jacobs is working on a different floor of the building for roughly the next three months until work on its new 17th-floor space is completed, CBRE said.

Chinese insurance giant Anbang bought the 353,000-square-foot office building between East 55th and East 56th streets — also known as the Corning Glass Building — from Blackstone in 2015 for $415 million, as Commercial Observer previously reported.

Anbang has since been taken over by asset management financial conglomerate Dajia Insurance Group, CO reported.

CBRE’s Arkady Smolyansky and Jacob Rosenthal brokered the deal for Jacobs, while David Hollander, Nick Hilton and Maxwell Tarter — also from CBRE — represented the ownership.

Other office tenants of 717 Fifth Avenue include the nonprofit Central Park Conservancy and real estate agency NAI Global.

The lease comes after French luxury group Kering — which owns brands Gucci, Balenciaga and Yves Saint Laurent — bought the 115,000-square-foot retail condominium at 715-717 Fifth Avenue from Wharton Properties and SL Green Realty for $963 million last January, as CO previously reported.

Italian luxury fashion brands Giorgio Armani and Dolce & Gabbana are the current tenants in the ground-floor retail space.

Isabelle Durso can be reached at idurso@commercialobserver.com.