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BOSTON -- ITA Software, the leading provider of innovative airline IT and services, has recently extended and expanded its headquarters lease at 141 Portland Street in Cambridge, MA to 56,747 square feet (SF). Darryl Morse, senior vice president and office head of Equis Corp`s Boston office, represented ITA in the transaction and Richards Barry Joyce & Partners represented landlord Intercontinental Real Estate Corp.
ITA Software, the largest tenant at 141 Portland Street, currently occupies office space on the entire sixth and seventh floors totaling 31,784 SF and sub-leases another 8,786 SF on the eighth floor. In the recent transaction, ITA will take an additional 15,907 SF on the entire fifth floor. All leases on floors five, six and seven were negotiated to be co-terminus for a five-year term.
"ITA Software was very pleased with the outcome of this most recent real estate transaction and that the building can accommodate our rapid expansion. We enjoy being in the heart of Kendall Square area and benefit greatly with its close proximity to MIT. Further, our strong relationship with the landlord made this a winning situation for all parties involved," says Craig Stelmach, who negotiated the lease on behalf of ITA.
The added space is needed to accommodate the rapidly growing company. With over 220 employees today, ITA Software is looking to hire 100 more this year.
"We`ve always been in Kendall Square, the heart of the computer science community," explained Jeremy Wertheimer, president and CEO of ITA Software. "We are happy to expand our Cambridge headquarters as we continue to grow our company."
About ITA Software, Inc.
ITA Software (www.itasoftware.com) was founded by computer scientists from the Massachusetts Institute of Technology in 1996 and is based in the heart of Cambridge`s Kendall Square. ITA Software has earned recognition as the leading provider of innovative technology and services for the airline industry. Profitable for many years, ITA Software recently closed $100 million in equity financing - noted as one the largest venture deals to be completed in the New England area over the past five years. ITA Software recently was named as one of the Best Places to Work in 2006 by the Boston Business Journal.
About Equis Corporation
Equis Corporation is a full-service real estate firm that focuses exclusively on the business space users. From its 37 company owned offices worldwide, Chicago based Equis (www.equiscorp.com) helps clients transform their real estate holdings into distinct competitive advantages. Equis creates comprehensive real estate solutions through portfolio strategy and management, transaction advisory, corporate finance, project services, workplace integration, data management, facility management and audit & recovery. Equis serves leading organizations in a range of market sectors, including Bayer Corp., Charter Communications, DaimlerChrysler, (US) General Services Administration, GlaxoSmithKline, Qwest Communications and Watson Wyatt Worldwide.
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