Serendipity Labs to Open Coworking Space at Durst Property

205 E. 42nd St., right, near the Chrysler Building. Image courtesy of the Durst Organization via Serendipity Labs

Coworking space provider Serendipity Labs is taking up space at one of The Durst Organization’s New York City office buildings, pursuant to a 10-year operating agreement.

The new office space, known as Serendipity Labs – Grand Central, will occupy 41,000 square feet comprising the 19th, 20th and 21st floors atop 205 E. 42nd St. The building, situated in the Midtown East neighborhood of Manhattan just one block from namesake Grand Central Terminal, boasts 532,000 square feet of office space.

Slated to open March 1, 2023, the new coworking location will offer event space and access to a rooftop terrace, as well as 91 private offices and team office suites accommodating more than 450 desks.

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Serendipity operates coworking locations in more than 35 urban markets in the U.S. and U.K., including New York’s Financial District in Lower Manhattan, suburban Westchester County, N.Y., and the states of Connecticut and New Jersey.

JLL’s Michael Berman represented Serendipity in the deal, while Durst was represented in-house by Senior Vice President of Business & Strategic Partnerships Robert Becker and Managing Director Lauren Ferrentino.

A flexible alternative to long-term leases

Serendipity Chairman & CEO John Arenas called the coworking space “a flexible alternative to long-term office leasing for companies that have decided to downsize their fixed real estate commitments and for those that need to support new, hybrid workplace policies offering employees better access to transportation to shorten commutes.” In a statement, the company touted the new offices’ proximity to Grand Central, which offers access to the New York City subway, the MTA Metro North and the Long Island Railroad.

The increasing popularity of coworking spaces has allowed Serendipity to open several new offices in recent years, most recently in Nashville, Tenn.

Constructed in 1929, 205 E. 42nd Street was acquired by Durst in 1944. Its tenants include the City University of New York, real estate firm Douglas Elliman, Fedcap Rehabilitation Services and the United Way of New York City.