Ideeli, 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 New York 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 LLC., 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 on discount.

The building's location, centrally located 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.

Daniel Edward Rosen is reachable at Drosen@observer.com

Real estate investment firm Savanna has acquired 576 Fifth Avenue after first taking the property’s defaulted first mortgage in February. According to statement from Savanna, it will pour millions of dollars into the building as part of a capital improvement program.

The 72,000-square-foot office building is located on the corner of Fifth Avenue and 47th Street. Its roster of current tenants sparkles with the likes of Diva Diamonds, Carats by Stacey and Optimum Diamonds.

According to sources, up until last week the previous owner of the leasehold was Western Management, which couldn’t be reached for comment. That previous owner consented to relinquishing the building to Savanna.

“Savanna was able to complete this complex, multi-step acquisition by bringing together the former leasehold owner, the fee owner and the lender in a fully cooperative transaction,” Savanna senior associate Tom Farrell said in a prepared statement. “We continue to source opportunities to make compelling investments in strategic real estate assets that have been impacted by the financial crisis.”

The goal is to apparently turn 576 Fifth Avenue into a ritzier destination for office tenants by offering what Todd Korren, principal and director of leasing at Savanna called “beautiful, high quality office suites.”

On tap will be modernized and upgraded elevators, a new roof, restoration of the building’s façade and systems upgrades, in addition to other improvements. A team from Cushman & Wakefield will manage the property, while Savanna will lease it up in-house.

Carl Gaines is reachable at Cgaines@observer.com