Global commercial real estate advisory firm Newmark Knight Frank (NKF) and full-service commercial real estate brokerage Lee & Associates NYC (Lee NYC) have arranged a 68,760-square-foot sublease on the entire 11th and 12th floors at 229 West 43rd Street, between Seventh and Eighth Avenues, for the office of Fareportal, a technology company that combines award-winning digital front-end mobile apps and websites integrated with one of the largest traditional travel agencies in order to guarantee the best deals for its customers. The transaction was led by Executive Managing Director Robert Silver from NKF and Corey Abdo, Executive Managing Director/Principal, at Lee NYC, with assistance from Managing Director Scott Brown from NKF.
Powered by more than 2,300 trained travel agents across the world, the Fareportal enterprise is divided between FareBuzz (its business-to-business brand) and CheapOair.com (its consumer-facing brand). Fareportal connects customers with services from eight travel brands such as OneTravel, clubmiles, and GetSetFly, to name just a few.
The Fareportal site serves more than 200 countries and receives more than 18 million unique visitors each month. In addition to securing airfares, the company also partners with hotels and car agencies worldwide. Fareportal is relocating its headquarters from 135 West 50th Street, where they are housed in 45,000 square feet - the new headquarters footprint represents a 53 percent increase in space.
“An ideal fit for the demands of a rapidly growing technology company, the high-end space is complete with oversized windows, ample natural light and high ceilings, ,” said Mr. Silver. “In this modern, but historically significant building, Fareportal will be able to work and collaborate creatively, finding more opportunities for growth through its strong new workspace.”
“I have represented Fareportal for more than 10 years and their success has continued to necessitate more space,” explained Mr. Abdo. “With 375 employees in the New York City office, the Fareportal team sought an office with top-of-the-line amenities, which is exactly what we found them. 229 West 43rd Street boasts a 10,000-square-foot outdoor roof deck, 16-foot ceilings and a combination of glass offices and conference rooms in addition to a partial open floor plan.”
The sublandlord, Verizon Wireless, was represented by Ron Lo Russo, Drew Braver, Matthias Li and Jessica Loiacono, all of Cushman & Wakefield. The building owner is Columbia Property Trust. Fareportal is expected to take occupancy at 229 West 43rd Street, October 1, 2019.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
About Lee & Associates NYC
The New York office of Lee & Associates provides a full array of corporate advisory and commercial real estate services, including office and retail brokerage, sales and investments, and project and property management. The firm has more than 90 real estate professionals in its 845 Third Avenue headquarters office. Additional information is available at www.leeassociatesnyc.com
About Lee & Associates
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients.For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link our company blog.
