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Flexible office operator the Yard had revealed it will open a new location in the defunct Courtyard by Marriott in Midtown.
The company said that it signed a management agreement with the owner of the 76,000 square foot former hotel at 8 Herald Square.
The building is currently undergoing renovations to be turned into a flexible office space, with hotel rooms on the fourth and fifth floors being converted into private offices.
The space will feature 180 private offices, conference rooms, coworking areas and other amenities that will be added in the future.
The property once was home to office spaces before Hidrock Properties, through an entity called 960 Associates, converted the building into a hotel in 2009.
This space will be the Yard’s first location that uses a management contract rather than a traditional lease, which allows the company to be paid by the landlord to manage and lease the offices, similar to how hotels operate.
Now, the Yard is in talks with other landlords in New York to open new locations with this agreement model.
“The dynamics [have] to be the same. The property has to be the right property. And economics needs to be the right economics,” said Richard Beyda, cofounder of the Yard. “If you come in with a landlord, and you both have realistic expectations, and the location works … it should work.”
