Los Angeles-based fashion promoter Place Showroom will expand at the start of next year by 1,800 square feet at Savitt Partners‘ 530 Seventh Avenue, Commercial Observer has learned.
The company that uses its showroom to connect emerging brands and designers with buyers signed a renewal and expansion on the 22nd floor of the Garment District property, grabbing an additional unit on the same floor of its current location to grow to 5,200 square feet, Savitt officials said. Space in the high-rise portion of the building, which now features the Skylark cocktail lounge on the top floors, commands an asking rent in the mid-$60s per square foot, the officials said.
“Place loved its existing showrooms in the building, but required additional space to accommodate its growing business,” said Savitt broker Michael Schoen in a prepared statement. “530 Seventh Avenue was able to facilitate the expansion by making an additional 1,800 square feet available for Place in the space adjacent to their current showroom.”
Mr. Schoen represented Place, while his Savitt colleagues Brian Neugeboren and Nicole Goetz negotiated in-house on behalf of the landlord.
Tenants at the renovated 1929 property enjoy access and discounts at the nightclub lounge on the 30th floor of the property, and they can also rent meeting space in shared working quarters called Space530 on the mezzanine level, according to its website. The Savitt officials declined to state the term of Place’s new lease.