Workplace and private office suite provider The Yard has signed a new 15-year, 18,000-square-foot lease at 234 Fifth Avenue.
The lease accounts for the entire office portion of the boutique building, located on the northeast corner of 27th Street in the Madison Square Park neighborhood.
The location, expected to open in June, marks the company’s 3rd in the city – the others in the Lower East Side and Greenpoint, Brooklyn – with additional locations slated for Gowanus, Brooklyn, Time Square South and the Upper West Side this year...
The efficient floor-plates, floor-to-window ratio, abundant natural light, prime location, views of Madison Square Park, signage and branding opportunities were all factors influencing the lease at 234 Fifth Avenue, brokers said, though a Studley spokesperson did not disclose asking rents in time for publication.
“The overall economics for The Yard’s deal are incredible for the Madison Square Park/Midtown South submarket,” Mr. Leighton said, in a statement. “The availability rate is extremely low and the market has become one of the tightest in the country.”Growing Coworking Space Inks Fifth Avenue Deal
Related StoriesRoof Decks and Other Trends for 2014 Office Space
Spotify expands at 620 Sixth Ave.