Co-working company the Yard signed a 30,500-square-foot lease at Bonafide Estates’ 33 West 60th Street near Columbus Circle. The three-story shared office space will be its ninth location in New York City.
Launched in 2011, the Yard is one of a handful of startups competing with New York’s largest co-working company, WeWork. The firm has been adding spaces at a rapid clip, expanding from four locations in September 2014 to a total of 10 (including one in Philadelphia) by the end of this year. In May, the firm leased an entire office building at 157 113th Street in Gowanus.
The company opened a Lincoln Square location back in 2014, and co-founder Richard Beyda said strong demand for that space provided the impetus to add the latest location at Columbus Circle. The new space, which is set to open in December, will include a 3,000-square-foot private roof with views of the Time Warner Center and Central Park. The asking rent at the building was $57 per square foot.
Savills Studley’s Evan Margolin and Lance Leighton represented the Yard in the deal, while Bonafide Estates was represented in-house.
Co-working has emerged as a booming industry over the past four years, and neighborhoods like the Flatiron District now bustle with shared office spaces catering to freelancers, creative professionals and in some cases even major corporations.