Real Estate - August 8, 2017

Paramount Group finalizes big lease deal with travel group at 1633 Broadway

[dropcap]P[/dropcap]aramount Group – A division of Travel Leaders Group has inked a 16.5-year lease at Paramount Group’s 1633 Broadway. (Photo: Albert Behler and 1633 Broadway)

The travel management company’s “Elite” division, which includes Tzell Travel Group and Protravel International, will move its headquarters to the Midtown office tower, the New York Post reported.

Tzell and Protravel plan to take 106,000 square feet on the 35th and 36th floors of the building.

The terms of the deal weren’t available, but the asking price for the space was $85 per square foot.

The Real Deal first reported last month that Tzell was close to signing a lease for roughly 90,000 square feet of space in the 2.6-million-square-foot building.

Travel Leaders’ new office is part of a contiguous block of space that professional services firm Deloitte left in April.

Colliers International’s Robert Tunis and Eric Ferriello represented Travel Leaders.

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.

[NYP] — Kathryn Brenzel

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