George Comfort & Sons Inc. has signed Cosentini Associates—a Tetra Tech company—to occupy 60,000 square feet at 498 Seventh Avenue, a 25-story office tower in Midtown Manhattan. A partnership of George Comfort & Sons Inc., Loeb Partners Realty and JP Morgan Chase Asset Management owns the 960,000-square-foot building.
Currently, Cosentini Associates has its headquarters at 2 Penn Plaza and will relocate to 498 Seventh Avenue in early 2020, remaining in the burgeoning Midtown South market. The company will occupy the entire 15th floor and part of the 14th floor when it moves in.
The tower is close to Penn Station as well as subway and commuter lines. Madison Square Garden is just a few blocks away, while numerous retail and dining opportunities are also in the neighborhood. Built in 1921, the building is undergoing a renovation. When completed, the first two floors will feature a new façade and the new lobby will offer three street entrances.
“As hands-on owners, we are constantly looking for ways to improve our buildings and through our capital improvement program at 498 Seventh Avenue, we set out to create a more modern office environment and enhance the experience of our tenants,“ said Peter Duncan, George Comfort & Sons’ president & CEO, in prepared remarks.
CBRE’s Justin Aronson, Michael Liss, Christopher Mansfield and Adele Huang acted on behalf of Tetra Tech in the deal, while George Comfort & Sons was represented by Andrew Conrad and Matt Coudert, an in-house team.
Strong tenant roster, even stronger office market
SEIU is a major tenant of the building, with CB Information Services, Transfix Inc., Hazen & Sawyer and JP Morgan Chase Bank also part of the tenant roster. In November, CB Insights signed an 11-year lease to occupy the entire 12th floor of the property.
According to the latest Cushman & Wakefield New York City report, Manhattan’s economy was all positive in the first couple of months of 2019, with an increase of 18,500 jobs, driving total employment to a historic high of 4.6 million jobs. That led to the city’s office market posting the second-highest first quarter leasing total on record, with 8.3 million square feet transacted. Midtown South, in particular, saw some of the largest growth.