Travel Agency Inks 100K-SF Lease With Paramount Group in Midtown
Paramount Group signed a deal with a company that bills itself as “America’s largest travel agency” to help fill a 212,000-square-foot block of empty space vacated by Deloitte in its 1633 Broadway office tower near Times Square in Midtown, according to a press release from the tenant’s broker.
Travel Leaders Group Elite Division leased 106,000 square feet for 16.5 years at the 48-story building, known as Paramount Plaza, between 50th and 51st Streets, the release from Colliers International said. Two of the travel management firm’s companies, Tzell Travel Group and Protravel International, will occupy the 35th and 36th floors of the building.
The terms of the lease weren’t available, but the asking rent was $85 a square foot, according to The New York Post, which was the first to write about the transaction.
Paramount Group was represented in-house by Doug Neye and by CBRE’s Stephen Siegel, Paul Amrich, Patrice Meagher, Rob Hill, Howard Fiddle and Emily Jones. Colliers’ Robert Tunis and Eric Ferriello represented the tenant.
The two travel companies will consolidate from 107,000 square feet spread across several floors at 119 West 40th Street and 515 Madison Avenue, respectively, to two 53,000-square-foot floors at 1633 Broadway, Tunis told CO. Even though they’ll occupy slightly smaller square footage, they plan to expand their staffs from 390 to 460 people in the new space. They expect to move in the spring of 2018.
“You look at a lot of buildings and a lot of space, and it had the grandeur, it had the attractiveness, it had the aesthetic benefits,” Tunis said. “And it had a footprint that was very well tailored. It allows for a meaningful increase in the number of people in a luxurious setting and tremendous roominess.”
CBRE declined to comment on the lease.
Deloitte left 212,052 square feet on the 35th through 38th floors of Paramount Plaza in April 2016, as CO reported at the time.