Indian national carrier Air India has struck a 15-year deal for space at the Feil Organization’s 570 Lexington Avenue — better known as the old General Electric Building — moving one floor down from its current space, Crain’s reported.
The airline – which shuttles passengers non-stop between New York and Delhi – inked a deal for 7,846 square feet of space at the 50-story, 460,000-square-foot property. The deal will reduce Air India’s presence by 20 percent in the building, yet allow them to maintain the same staff due to a more efficient floor layout, Newmark Grubb Knight Frank’s Robert Eisenberg, who represented the airline, told Crain’s.
“They have the same headcount but they’re in about 2,000 square feet less space,” he said.
Asking rents in the deal were the in $50s per square foot, according to Crain’s. The airline will move to its new space in August. [Crain’s] –Hiten Samtani