By Hiten Samtani on July 28, 2014.
Yodle, a Manhattan-based advertising engine for small businesses, is establishing its new headquarters at Vornado Realty Trust’s 330 West 34th Street, The Real Deal has learned. Ahead of an initial public offering expected to raise about $75 million, Yodle is taking just under 85,000 square feet at the 18-story, 688,881-square-foot building.
The company will pay rents starting in the $60s per square foot in the 10-year deal, according to CompStak data.
Vornado was represented in-house by Craig Panzirer and Jared Silverman, while Yodle was represented by DTZ. Representatives for Vornado declined to comment, while representatives for Yodle, which is currently housed at 50 West 23rd Street, couldn’t be reached by press time. Office news website TechWorkSpaces first reported the deal.
Fashion company New York & Co. recently agreed to take 180,000 square feet at the property, which is undergoing a major renovation.
Yodle filed for its IPO on July 8, declaring 2013 revenue of $162 million. The company is part of New York’s booming technology, advertising, media and information sector, which is now responsible for some of the leasing market’s biggest transactions.