NEW YORK CITY-Tzell Travel may be all about clients on the go, but the 45-year-old firm has chosen to stay put at its corporate headquarters. The corporate travel management company has renewed its space at 119 W. 40th St., expanding its space by more than a third to 64,141 square feet.
Tzell already occupies 47,987 square feet on floors 13 through 15 in a footprint that also includes the property’s penthouse and part of its basement, and is adding the 16,154-square-foot 12th floor. The entire space will undergo improvements with the additional space scheduled for spring occupancy, according to a release from Colliers International, which represented the tenant.
“Tzell Travel represents many of the most prominent companies in the world, and wants headquarters space that reflects its commitment to excellence,” says Mark Jaccom, Colliers tri-state CEO, in a release. Colliers vice chairman Robert Tunis adds that the landlord team—Tara Stacom and David E. Green of Cushman & Wakefield—was “extremely responsive, and worked with us tirelessly and aggressively to maintain Tzell Travel’s tenancy.”
Jaccom, Tunis and Howard Cross, senior managing director at Colliers, negotiated on behalf of Tzell Travel. Lease terms were not disclosed; asking rents for neighboring properties are in the low $30s per square foot.
The 22-story, 340,219-square-foot 119 W. 40th was built in 1916 and renovated in 1986. It is currently undergoing further upgrades that include a new lobby and an on-site restaurant. Other major tenants there include Hampshire Group and Kensington Publishing.
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