Lease Beat

Fareportal Grabs 40K at 135 West 50th Street

 Fareportal Grabs 40K at 135 West 50th Street

Courtesy of Honest Buildings

Fareportal, one of the largest online travel groups in the United States, will be moving their headquarters to 135 West 50th Street.

The firm will be consolidating three offices of approximately 20,000 square feet total in favor of a 40,848-square-foot sublease from AllianceBernstein‘s fifth floor in the building.

“We started out looking for approximately 15,000 square feet,” said Corey Abdo, executive vice president and principal at Winoker Realty.  “As our search evolved, the company was continuing to grow, both through acquisitions and expanded services.

“We actually had to reset the parameters a couple of times and begin from scratch looking at larger envelopes,” added Mr. Abdo. “The owner of the company had to be comfortable with a size that could both accommodate existing employees and leave room for expansion. 40,000 [square feet] became the “sweet spot.” Then it was a matter of finding the right space.”

“The space I found for them was AllianceBernstein’s former data floor and had 85 tons of supplemental AC in place. The higher price tag per square foot was more than offset by the existing infrastructure,” added Mr. Abdo.

Bob Alexander, Christopher Mansfield, Joe Mangiacotti and Scott Bogetti of CBRE represented AllianceBernstein, the sublandlord, in the transaction. Mr. Abdo was joined by his colleague Kristy Park in representing the tenant. The asking rent was $40 per square foot.

“Never was the old real estate saying more true: ‘this was the right tenant for the right space,’” Mr. Abdo further noted.

Follow Michael Ewing via RSS.