The Yard Opening 16K-SF Shared Office Location Near Bryant Park
By Liam La Guerre October 7, 2016 12:17 pm
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Coworking space provider The Yard has signed a 15-year lease for a new location at Vornado Realty Trust’s 510 Fifth Avenue near Bryant Park, Commercial Observer has learned.
The new 15,705-square-foot location will occupy the entire third floor of the landmarked building at the corner of West 43rd Street, which was known as the Manufacturers Trust Company Building. It will be The Yard’s 10th location in New York City and 12th facility in the country. The new outpost is scheduled to open in May 2017, and the asking rent was $70 per square foot, according to a spokeswoman for The Yard.
“We have long admired the 510 Fifth Avenue building, which was far ahead of its time when it was built and designed to anticipate the need for open, adaptive space,” The Yard Co-Founder Richard Beyda said in a prepared statement. “We will be occupying a former executive floor in this landmarked New York building that will truly showcase and encourage the aspirations of the entrepreneurs who work at The Yard.”
Elie Censor of Norman Bobrow & Company represented the tenant in the transaction. Censor did not immediately return a request for comment.
The new location will have a capacity for approximately 200 members. The Yard, which was founded in 2011, bills itself as a “luxury” coworking space. It offers high-end furnished offices, WiFi, 24/7 access, lounges, custom artwork and conference rooms.
Edward Riguardi of Vornado represented the landlord in-house in the transaction.
The company recently announced a Brooklyn location at 157 13th Street between Third and Fourth Avenues, and a Columbus Circle outlet at 33 West 60th Street between Columbus Avenue and Broadway, as CO previously reported. It has plans to open additional offices by the end of 2018 in New York City, on the West Coast in San Francisco and Los Angeles, and internationally in Toronto.
