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Paramount Group Books Major Lease Deal With Travel Agency

Travel Leaders Group will be moving to 106,000 square feet of space on the 35th and 36th floors of 1633 Broadway. Travel Leaders Group will be moving to 106,000 square feet of space on the 35th and 36th floors of 1633 Broadway.

NEW YORK CITY—Global travel agency organization Travel Leaders Group is relocating its corporate headquarters to the Paramount Group’s 1633 Broadway office tower.

In a deal reported by brokerage firm Colliers International, Travel Leaders Group has signed a 106,0000-square-foot lease at the 48-story, 2.64-million-square-foot Class A office building. Travel Leaders Group is currently headquartered at 119 W. 40th St. The move to 1633 Broadway is scheduled for the spring of 2018.

Travel Leaders Group’s Elite Division companies—Tzell Travel Group and Protravel International—will occupy the 35th and 36th floors, respectively at 1633 Broadway. The lease deal is for 16.5 years. No financial terms of the transaction were released.

Robert Tunis, vice chairman and Eric Ferriello, executive director of Colliers International, represented Travel Leaders Group in the transaction. Other Colliers professionals who worked on the deal included Nick Chin in financial analytics and Amy Choy in consulting. Doug Neye was the building representative for Paramount Group. Stephen Siegel, Paul Amrich, Patrice Meagher, Rob Hill, Howard Fiddle and Emily Jones at CBRE also represented Paramount Group in the lease deal.

“All of us at Travel Leaders Group’s Elite Division are beyond excited about this new office space. We take great pride in our brands, which are conveyed by our people and the space in which we work. This gorgeous new space will truly allow us to express our brand and who we are,” says Gail Grimmett, president of Travel Leaders Group’s Elite Division.

Paramount Group in its second quarter financial report released on Aug. 3 stated that subsequent to the end of the quarter (June 30, 2017), the firm had leased an additional 105,897 square feet at 1633 Broadway in July, bringing the property’s leased rate to 90.6%.

In late July, Travel Leaders Group and ALTOUR signed an agreement to merge under common ownership to form a single travel agency organization with nearly $24 billion in annual sales. There will be no substantive operating changes or name changes to either ALTOUR or Travel Leaders Group’s businesses or organizations. ALTOUR is headquartered in New York City at 1270 Ave. of the Americas.

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