Textile Firm Nassimi Moving to 12K SF at 550 Seventh Avenue

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Textile firm Nassimi will move its headquarters from 7 Penn Plaza to 550 Seventh Avenue, Commercial Observer has learned.

Nassimi signed a seven-year lease for 12,005 square feet on the entire 15th floor of Adler Group’s 24-story building between West 39th and West 40th streets, according to a source with knowledge of the deal. Asking rent was $55 per square foot.

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The firm — which creates faux leather and polyurethane textiles — currently has its offices at 7 Penn Plaza, also known at 370 Seventh Avenue, and plans to move to its new Garment District digs in November, the source said.

Daniel Lolai of LSL Advisors represented the tenant in the deal, while the Kaufman Organization’s Michael Heaner and Sam Stein handled it for the landlord. Lolai declined to comment and a spokesperson for Kaufman did not respond to a request for comment.

The Art Deco building at 550 Seventh formerly was one of the most fashionable Garment District buildings for designers, previously boasting the likes of Ralph Lauren, Donna Karan and Oscar de la Renta as tenants, Women’s Wear Daily reported.

The 225,000-square-foot building lost those flashy designer tenants in recent years, but it still has a number of smaller brands as tenants, including Mavi Jeans, Jill Stuart and Ben Elias Industries, according to WWD.

Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.