Search-engine marketing company AdMarketplace is expanding and relocating its offices to the Garment District.
The company, founded in 2000, signed a sublease with the software company Diligent for 22,000 square feet at 1385 Broadway, AdMarketplace’s brokers told The Real Deal.
The seven-year deal had an asking rent in the high $50s per square foot. Michael Pallas, Jim Wenk and Kirill Azovtsev at JLL represented AdMarketplace. The company is relocating from about 16,000 square feet at 1250 Broadway, which Eyal Ofer’s Global Holdings has rebranded as the “NoMad Tower” after purchasing the building for $565 million two years ago.
JLL’s Michael Pallas
Diligent is moving its offices to 111 West 33rd Street. A Cushman & Wakefield team of Michael Baraldi and Louis D’Avanzo represented Diligent in the sublease.
Sitting at the corner of West 38th Street, 1385 Broadway is a 24-story building owned by Lexington Avenue-based Bloomingdale Properties.
The city in June kicked off a plan to lift restrictions in the Garment District to allow tenants outside the fashion industry to lease office space in certain buildings on side streets.