How are things going at travel deal publisher Travelzoo? The company reported lackluster earnings last quarter, and the stock is down 70% in the last year. But apparently CEO Ralph Bartel feels pretty confident about his prospects: A real estate source tell us his company has signed a 10-year lease, at more than $1.6 million a year, for a 10,000-square-foot space at 590 Madison Ave. Ralph must like the building: TZOO HQ is already there, but it’s mired on the 21st floor. Now they’re heading up to the 37th.
At $165 per square foot (that price will bump up by $3.40 every year) that’s more than double the $65 that Facebook is paying for its midtown digs. In fact, our tipster says, it’s the highest price he’s every seen a tech company pay for NYC space. The yearly bill is also equivalent to 17% of Travelzoo’s (TZOO) 2007 profits. Perhaps the Calder statue in front of the building makes it all worth it.
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