New York; The Diamond Dealers Club (DDC) of New York will move to new premises at the International Gem Tower (IGT), enabling more companies to beat Manhattan’s sky-high rents by relocating their offices to the trading floor.

The DDC signed a contract with Extell Development to secure about 17,500 square feet on the 11th floor of the building, which is located on West 47th Street, the heart of New York’s diamond district.

About 200 to 400 firms currently operate from the existing trading floor on 580 Fifth Avenue out of a total of 1,500 members, said David Lasher, managing director of the DDC. The new base could increase this figure significantly, probably by at least a third, Lasher added.

The average annual asking rental for office space in Manhattan rose 2.4 percent to $73.24 per square foot last year, according to Colliers International.

“Office space is expensive, and more people are giving up offices and wanting to sit in the bourse,” said Reuven Kaufman, president of the DDC.