Ideeli Speaking, We’d Move: Online Retailer Relocates to 1385 Broadway
By Daniel Edward Rosen May 3, 2012 8:30 am
reprintsIdeeli, an online retailer of fashion and home decor goods, will be moving out of its SoHo digs for its own floor at 1385 Broadway.
The company will be moving out of 148 Lafayette Street for the entire third floor, at a handsome size of 23,500 square feet, in the Penn Plaza area building, as was first reported by The NY Post.
Leon Manoff and Jason Lund of Colliers International represented Ideeli in the deal. Jonathan Serko, Gary Greenspan, Diana Gaines, and David Malawer represented B Bros Broadway Ltd., the owner of record of 1385 Broadway according to CoStar.
Ideeli was “growing tremendously” and in need of larger office space to use for its photography studio and back office functions, Mr. Manoff told The Commercial Observer.
“They liked the building, the physical building, and the economics of the transaction were very appealing,” said Mr. Manoff. He added that asking rents in the deal were in the mid-to-high-$30s a square foot.
The website needed a larger photo studio to shoot its models, which they use to showcase the designer clothes it sells at a discount.
The building’s location, centrally situated near most of the major subway and transportation lines in the city, was another draw.
“I think, logistically, this is one of the few areas in Manhattan that actually allows you to access all major transportation hubs,” added Mr. Manoff.
The third floor space will be remodeled to Ideeli’s specifications, although the precise nature of the floor’s redesign was not known.
1385 Broadway is a 23-story building featuring 492,597 square feet of space. Its vacancy rate is currently at 25 percent, according to CoStar, a bump up from the 9.9 vacancy rate the building had during the 4th quarter in 2011.
Cushman & Wakefield declined to comment.
drosen@observer.com
