Travel Tech Company Plusgrade Inks in Midtown
Michael Ewing Nov. 5, 2012, 3 p.m.
Plusgrade has inked a lease in New York, The Commercial Observer has learned.
The travel technology company will occupy a 2,708-square-foot office on the third floor of 39 West 38th Street. The lease was set for five years, according to sources familiar with the deal.
Founded in 2009 by an experienced team of travel technology veterans and entrepreneurs, Plusgrade provides a platform that provides ancillary revenue opportunities to airlines. Operating out of two offices—one in New York and one in Montreal—the firm has established strong relationships with international airlines such as Brussels Airlines, Czech Airlines, TAP Portugal, Virgin Airlines.
Plusgrade was represented by a pair of executive managing directors and principals from Lee & Associates, David Someck and Mitchell Kunikoff. Stephanie Moore, a sales associate from Tarter Stats O’Toole represented the landlord, the Eretz Group, in the transaction.
The Eretz Group has remained stern on their demands and is known to shift around leasing agents but Tarter Stats O’Toole has established a close relationship with the management company, having worked together on 39 West 38th Street, 252 West 37th Street, and 485 Seventh Avenue.
Brokers from Lee & Associates declined to comment on the deal.
Asking rents in the building are in the upper $20s per square foot.