Courtesy of Michealson Associates

Protravel International Inc. has renewed its 47,100-square-foot lease in New York.

The travel company that caters to the city's high-profile international travelers will remain at the prized Art Deco DuMont Building at 515 Madison Avenue.

The firm initially leased a 4,000-square-foot space in the building in 1989. Since then, it has grown to encompass office space on the 8th, 9th, and 10th floors as well as 22 locations across the United States and the United Kingdom.

The new deal will continue its headquarter's foothold in New York until 2024, brokers said.

“We’re proud to confirm that Protravel is literally here to stay – and that includes our determination to remain a major force in travel right here at our prestigious address, which has proven to be very convenient and highly desirable,” said Priscilla Alexander, president of Protravel, in a statement about the renewal.

Their renewal comes a year and a half after the firm's merge with Tzell Travel Group. Both groups are large players in the high-margin international travel market and, combined, bring in sales totaling more than $2 billion dollars a year.

Since the merger, both companies continue to operate independently and Tzell Travel still maintains its headquarters at 1209 Broadway, several blocks south of Protravel.

"We’re very happy that Protravel has once again extended its lease at 515 Madison Avenue,” added Eric Gural, an executive managing director at Newmark Grubb Knight Frank who represented Newmark Holdings, the landlord and manager of the building.

"Through Protravel’s nearly quarter-century with us, they’ve been an outstanding and valued client," added Mr. Gural.

Protravel worked directly with Mr. Gural to negotiate the deal.

Courtesy of W&H Properties

The accounting and tax services firm FLSV Fund Administration Services will be expanding its office along the Broadway Corridor at W&H Properties' 1359 Broadway.

Founded by four senior executives from Morgan Stanley in 1995, FLSV has expanded into three offices – in Garden City, New York, and Seattle – and more than 70 professionals.

Officials at the firm's New York office initially took a 3,815-square-foot space at 1359 Broadway in 2010, but rapid expansion prompted them to increase their occupancy to span 14,300 square feet.

FLSV is expected to move into the new office within the month.

“Throughout the W&H Properties portfolio, we are seeing excellent tenants of all sizes expand their spaces," said Anthony Malkin, president of Malkin Holdings, which oversees W&H Properties.

"This reflects the rigorous procedures we undertake in the tenant selection process.  Additionally, FLSV’s growth at 1359 highlights the growing appeal of the Broadway Office Corridor, where five W&H buildings are conveniently situated adjacent mass transit hubs, and which is attracting financial and service firms with excellent growth potential."

W&H Properties has a strong foothold in the area with properties at 1350 Broadway, 1400 Broadway, 501 Seventh Avenue, and 112 West 34th Street. The company's crown possession – the Empire State Building – is within a small proximity as well.

Robert Silver and Anthony Sciacca of Newmark Grubb Knight Frank represented the tenant in the transaction.

A team from the same firm consisting of William Cohen, Ryan Kass, Neil Rubin, and Andrew Weisz exclusively represented the landlord.

Neither party returned calls for comment.

10 West 33rd Street

Gina Group LLC is expanding its presence at 10 West 33rd Street, otherwise known as the Fashion Accessories Center.

The manufacturing, licensing, and distribution company will be taking an additional 3,177 square feet on the third floor and 2,944 square feet on the fourth floor, bringing the company's total occupation to 31,000 square feet in the building.

The spaces will be used for general and executive offices as well as a showroom for their products. In addition to family hosiery and accessories, the Gina Group works with notable brands like Rocawear, Steve Madden, Rampage, and HH by Harve Benard.

"We are pleased Gina Group has chosen to expand their company and space at the Fashion Accessories Center," said David Levy, a principal at Adams & Co. and broker on the transaction, in a prepared statement.

"Ten West 33rd Street includes many like-minded tenants that thoroughly enjoy the buildings spacious layouts and central location in the heart of the fashion hub of NYC, the Garment District."

The two expansion leases have slightly different terms. The space on the third floor – spanning 3,177 square feet – is set for 10 years and 10 months with asking rent at $42 per square feet. The space on the fourth, however, is set for 10 years and eight months with rent at $44 per square foot.

The landlord, Ten West Thirty Third Associates, was represented by Mr. Levy, who in combination with Adams & Co. represents several other buildings in the Garment District including the Childrenwear Center and the Menswear Center.

The brokers that represented Gina Group were not disclosed, however.

Saks Reportedly Explores Possible Sale [Globe Street]

Mad for Madison [Wall Street Journal]

Racing Around in the Yard [Wall Street Journal]

Transactions [New York Times]

Tech tenants sign almost 90 percent of Times Square leases in last 18 months [The Real Deal]

Summit Media decamps for 469 Seventh Ave. [The Real Deal]

Toys “R” Us Could Roar Out of Times Square After $38 M. Rent Hike [Commercial Observer]

5WPR Inks Deal for 39,075 Square Feet at Minskoff’s 1166 Avenue of the Americas [Commercial Observer]

Stock slump continues on Wall Street [Crain’s]

Post-debate, Weiner responds [Crain’s]

City Planning sets Garden's timer to 15 years [Crain’s]

Citi Bike app goes live [Crain’s]

Huge Times Square Toys R Us space in limbo [Crain’s]

Union Square gets 5,000% return on Tumblr [Crain’s]

Weiner declares NY mayoral run on YouTube [Financial Times]

For U.S. Companies, Money ‘Offshore’ Means Manhattan [NY Times]

Bruce S. Fowle The 30-Minute Interview [NY Times]

Yahoo Will Plant Flag in Times Square [Globe Street]

BlackRock to Build $25B Fund [Globe Street]

Silverstein closes loan for $950M Four Seasons tower [Real Estate Weekly]

Who’s News [Real Estate Weekly]

ICSC: Victoria’s Secret takes 60K sf at 2 Herald Square [The Real Deal]

Crisis housing advances [New York Post]

NYC building owners fear lack of terror insurance when TRIA expires [New York Post]

Hitting a Wal: Walmart Still Quietly Searching in NYC [Commercial Observer]

Five Food Chains That Aren’t in NYC [Commercial Observer]

Bloomberg LP Leases Posh Penthouse As Mayor Fumes Over Reporting Scandal [Commercial Observer]

James Hotel Sold for $83.4 M. [Commercial Observer]

Orange Business Services Moves to Midtown [Commercial Observer]

RWN Pays $3.8 M. for Bowery Retail Condo, Appoints RKF to Market [Commercial Observer]

Yahoo Getting Space at Old Home of The Times [NY Times]

Financial Firms Said to Seek Alternative to Bloomberg Chat [NY Times]

SI Waterfront Plan Goes To Public Review [Globe Street]

Helmsley’s Park Lane Hotel to Go on Block [Globe Street]

WTC Properties can't bar 'act-of-war' defense [Crain’s]

Pulse of big retail conference upbeat [Crain’s]

Bloomberg adding space [New York Post]

What’s the Deal [Wall Street Journal]

Yogurt chain Orange Leaf set for NYC expansion [The Real Deal]

Shvo Revs Up Pace, Again [Wall Street Journal]

Helmsley Hotel on Central Park South Is Set for Condos [Wall Street Journal]

Courtesy of NYC Architecture

The global IT and communications services provider Orange Business Services will be leaving the Financial District, The Commercial Observer has learned.

The firm has been operating out of a suite at 2 World Financial Center but will be moving uptown to centralize their offices inside a 17,000-square-foot, full-floor space at 10 East 40th Street,.

"As a communications service provider that caters to a variety of international markets, it was important for Orange Business Services to find space in Midtown,” said Ted Rotante, an executive managing director of Colliers International, in a prepared statement. "This relocation will allow the company to provide its services to their clients from a more advantageous, central location."

Orange Business Services will take Blackboard Collaborate's remaining lease at 10 East 40th Street, otherwise known as the 10 Mercantile Building. The sublease will span the entire 11th floor, Mr. Rotante said.

Located between Fifth and Madison avenues, the building is steps away from Grand Central Terminal and a short distance to Penn Station, aligning to the company's desire for an accessible office.

Blackboard Collaborate was represented by a pair from Studley, Ken Ruderman and Nick Zarnin. Mr. Rotante was the only broker at Colliers International representing Orange Business Services.

Neither party returned calls for comment last week.

As a subsidiary of the French communications giant, France Telecom, Orange Business Solutions handles the information technology services and consulting of the company, employing more than 30,000 workers in approximately 150 countries. Recent reports out of Business Day, a South African newspaper, noted that the company has plans to double its profits and development in Africa over the next five years.

Sixth Avenue (Courtesy of Wikipedia)

The New York-based development and construction firm Wonder Works Construction will be leaving its offices in Flatiron to move to Herald Square.

The firm currently houses its main office in a 5,000-square-foot office on the fourth floor of  18 West 21st Street, but will move out in favor of a larger 8,000-square-foot suite at Sol Goldman Investments' 894 Sixth Avenue.

Founded by Joseph Klaynberg, Wonder Works Construction has an extensive portfolio across commercial, residential, and educational properties including the Ice House at 27 North Moore Street in Tribeca and the decadent lobbies in 18 West 86th Street and 440 East 79th Street.

"The space has forty windows, 270 degrees of views of Herald Square, Times Square, all the way up to Central Park on Sixth Avenue," said Christopher Okada, president of Okada & Company and a broker on the deal. "It is located at the mouth of Midtown South--31st and 32nd Street--the soon to be hottest neighborhood, NoMad, Penn Plaza, and East Chelsea."

"[The] Durst [Organization] is building a massive building across the street," added Mr. Okada, referring to 855 Avenue of the Americas. The lot was initially slated to become a 335,000-square-foot building, but financial hardship pushed the owners to sell the note to the Durst Organization in 2010 for $131 million.

The old plans were pushed aside as Durst brought in a new team to design a greener building. The new environmentally friendly project is a mixed-use 560,000-square-foot building that consists of a residential tower and a commercial base. The commercial base will include 114,000 square feet of office space and 56,000 of retail space.

Mr. Okada and Danny Figotin represented Wonder Works Construction. Sol Goldman Investments' manager of commercial leasing, Brett Weinblatt, represented the landlord.

Courtesy of Google

The mixed-use building at 137 East 47th Street between Third and Lexington Avenues has been sold for $8 million dollars. The owners, undisclosed local investors, sold the building for nearly four times the price they paid less than a decade ago.

"The sellers bought in 7-8 years ago for $2.4 million dollars and today exited at $8 million," said Christopher Okada, president of Okada & Company. "It was a huge run."

Mr. Okada was the exclusive broker on both deals - this one and the initial purchase in 2005 - for the building. The property is relatively simple, spanning 4,000 square feet across four stories with zoning for residential and retail space on the ground level. Donburiya, a Japanese restaurant raved on Yelp, occupies the base now.

Sources close to the deal have noted that renovations are unlikely as the building makes a solid income.

Silverstein Secures Financing for 926-Foot Lower Manhattan Hotel, Condo [Commercial Observer]

ASA College Inks 160,000 SF at Herald Center [Commercial Observer]

Trading Up: Boutique Financial Services Firms Flock to 540 Madison Avenue [Commercial Observer]

Lenox Hill Hospital/North Shore-LIJ Renews at 110 East 59th Street [Commercial Observer]

Nonprofit Relocates to 120 Wall Street [Commercial Observer]

Retail sales plummet in Q1 but rents rise [The Real Deal]

CWCapital delays Stuyvesant Town rent hikes, following tenant press conference [The Real Deal]

Retail condos back in fashion [Real Estate Weekly]

Sydell Group Looks to Develop Hotel in Williamsburg [Globe Street]

Manhattan’s 10 most valuable office leases of Q1 [The Real Deal]

City partners with experts to re-imagine midtown [Crain’s]

Donald Trump on stand at Chicago trial [Crain’s]

LIPA privatization moves closer [Crain’s]

Jay-Z-backed wing eatery to open third spot [Crain’s]

Schorsch: ‘Boring’ Predictability Equals Success [Globe Street]

CCRE Beefs Up Credit Effort [Globe Street]

Experts Believe 1 World Trade Center Will Lease Up [Globe Street]

Everything getting bigger in Brooklyn, say upbeat builders [Real Estate Weekly]

Hotels hitting hipster ‘hood [New York Post]

Condo-Hotel Tower Aims for Superluxury [Wall Street Journal]

Courtesy of Crain's

Insignia National Title Agency, a boutique provider of title insurance, will nearly triple its office space in an expansion and relocation uptown, officials told The Commercial Observer.

The company will move to a new 5,600-square-foot office space on the seventh floor of 6 East 39th Street, otherwise known as the Craftsman Building, between Madison and Fifth Avenue in Midtown.

“Insignia quickly grew out of its 1,786-square-foot space at 207 West 25th Street," said Jeff Nissani, owner of JSN Properties and a tenant broker on the transaction. "The company sought a high-end, open and airy space that could also accommodate private offices and plentiful meeting space for client interactions."

“Proximity to Grand Central and Penn Station was also key," Mr. Nissani added.

Given that the space was fully built-out and move-in ready, Insignia moved into the building shortly after signing the deal. Unless the firm continues to grow at its pace, the firm is expecting to remain in the building for seven years.

“We designed the build out of our 25th Street space ourselves, and just two years later, we have grown to the point where we need a much larger space," said Craig de Thomas, founding partner of the firm. "Jeff was right on the money when he found us 6 East 39th Street. The quality of the space and building location are perfect for our needs."

Elissa Patterson of EJMB represented the landlord, Marc Bengualid. Neither the landlord nor Ms. Patterson could be reached for contact.  Asking rents for the building clocked in around $40 per square foot.

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Vornado Outlines Post-Fascitelli Succession Plan [The Real Deal]

Retailer Demand, Tourists Help Boost NYC Retail Sector: REBNY [The Real Deal]

Verizon to Lease or Sell Space in its Manhattan Headquarters [Bloomberg]

Hedge Funds Rush into Debt Trading with $108 Billion [Bloomberg]

SoHo Nonprofit’s Expansion Upsets Some Neighbors [NY Times]

Boyce Technologies Leases 6,200 Square Feet at Trump’s 40 Wall Street [Commercial Observer]

New Hotel Slated for the NoMad District [Commercial Observer]

Shake Shack Finally Steps to Grand Central [Crain’s]

Bloomberg Eyes Cause for Shifting Garden [Crain’s]

Verizon to put Half of Headquarters on the Market [Crain’s]

Times Sq: You can Bed on It [New York Post]

Tesla Site Powers Ahead [Wall Street Journal]

Chuck Eyes Re-Zone Bonds  [New York Post]

A Long Road to New Library Space [Wall Street Journal]

App-etite for Expansion [Wall Street Journal]

"Back to the Drawing Board” at 254 West 31st Street After Social Media Company Reconsiders [Commercial Observer]

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C&W Eyes Tenants New and Old at 199 Water Street [Commercial Observer]

NYC Tallest Condo Corridor Gets New Entrant with Steinway [Bloomberg]

City proposes limiting Garden to 15 more years [Crain’s]

Number of Fortune 500s Grow in NY [Crain’s]

JPMorgan Unit said to Buy 425 Lexington [Crain’s]

New Park to Blossom on Greenpoint Waterfront [Crain’s]

AG says Banks Violated Mortgage Accord [Crain’s]

Courtesy of the Real Deal

The Luxembourg-based facility manager and business support system Regus will open a new location downtown. The company operates more than 1,400 locations around the world with nearly 60  in the city.

With a lease duration of 10 years, Regus' latest office boasts 32,000 square feet at 101 Sixth Avenue, an Edward J. Minskoff Equities asset north of Canal Street with steep asking rents of $75 per square foot.

The new office comes following a huge expansion push by Regus and shortly after several other recent deals.

A team from Jones Lang LaSalle represented both parties in the transaction.

JLL has remained as the exclusive leasing agent for the building since Edward Minskoff bought his partners and took over the building in late 2011. Mr. Minskoff bought out the Andalex Group for an undisclosed amount for the 425,000-square-foot building.

Its only tenant, SEIU Local 32BJ, left the building and Minskoff brought in a team from JLL to bring the building back into the market.

The team targeted entertainment, media, and technology companies that are typically drawn to the area.

In related news, Mr. Minskoff's 51 Astor Place is near completion. The scaffolding was removed earlier this week and the plaza is slated to open soon, Mr. Minskoff told the Commercial Observer's earlier this month.

The glass-facade 51 Astor Place, a 430,000-square-foot building, will target young New Yorkers between 22 and 35 who want to live and work below 14th Street.

Another team from JLL consisting of Peter Riguardi, Paul Glickman, Mitchell Konsker, and Cynthia Wasserberger will be exclusively leasing the building.