The Yard, a company that provides open coworking and private workspaces throughout New York City, has signed a lease at 883 Avenue of the Americas for its fourth Manhattan location, according to a press release issued today by Savills Studley.
The 16-year lease includes 23,134 square feet of space at the 48-story mixed-use property between 31st and 32nd Streets. The Yard’s new location, which includes floor-to-ceiling windows and a private entrance on 32nd Street, is set to open in the beginning of 2015.
Evan Margolin and Lance Leighton of Savills Studley represented The Yard in negotiations. Newmark Grubb Knight Frank’s Barry Goodman represented the landlord.
“I am really excited about this new location and the opportunites the space provides to create an exceptional workplace for our members,” said Richard Beyda, The Yard co-founder, in a prepared statement.
The Yard’s workspaces are designed to accommodate companies that range in size from one employee to 20.
Its new location near Penn Station enjoys close proximity to Greeley Square Park, the trendy NoMad Hotel and Madison Square Garden.
In 2011, Richard Beyda and Morris Levy opened the inaugural Yard location in Williamsburg—a 14,000 square-foot facility overlooking McCarren Park, offering month-to-month rentals for office space to companies of roughly one to eight people, as New York Observer previously reported.