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WILMINGTON, DE-Opting to establish its new shared-services center outside the Big Apple, Advance Magazine Publishers Inc. signed-on for over 93,000 sf of office space in two separate long-term deals arranged through Insignia/ESG. The company will use the space to provide services for its finance, information technology and human resources departments. The deals are valued at an aggregate total of $20 million, and provide an option for future expansion.

At Hercules Plaza on 1313 North Market, Advance will occupy nearly 73,000 sf of subleased space. While the financial details of the deal are not available, space in the 20-year-old building leases for about $17-per-sf. The second part of the transaction involves the leasing of 20,600 sf at 1201 North Market, or the Chase Manhattan Centre.

Space in this 23-story, 14-year-old structure goes for $29.25-per-sf. City and state officials offered grants and tax breaks to help sway Advance’s decision on where to locate its new facility. Ultimately, the choice was between Wilmington and New Haven, Connecticut.

“After close study of the two locations, Advance chose Wilmington,” Insignia’s Wilmington office director Bert DiClemente explains. “Among the factors mentioned prominently were the low cost of doing business, the availability of class A office space, our outstanding location in the heart of the Northeast Corridor and the quality of life in the Wilmington area.

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