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Deals & Dealmakers

The Durst Organization Selects Serendipity Labs to Operate Flexible Workplace at 205 East 42nd Street

Serendipity Labs, the leading international flexible office space provider, today announced it has entered into a 10-year operating agreement with The Durst Organization (“Durst”) to operate a 41,000 square foot flexible office facility within Durst’s 205 East 42nd building, a 532,000 square foot office building located one block from Grand Central Terminal.

Serendipity Labs – Grand Central will serve as a central hub in the Serendipity Labs extensive Tristate network that includes facilities in Westchester County, Connecticut, New Jersey, and the NYC Financial District. It will be a marquis location in the wider Serendipity Labs network of coworking locations in more than 35 urban, suburban and secondary markets across the U.S. and U.K. 

The new Serendipity Labs workplace will span the 19th, 20th and 21st penthouse floors of the building. It will offer private event space with access to a roof-top terrace, two work-lounge cafés, and a mix of 91 dedicated, private offices and team office suites that accommodate over 450 desks in total, including requirements for one to 100 people.

With easy access to both Metro North and LIRR trains and the Grand Central transportation hub, 205 East 42nd street features a masterfully restored Art Deco lobby, new windows and tenant terrace opportunities punctuated by sweeping Midtown East views. 

Durst conducted a competitive process to select a coworking operator that could reimagine and reposition the facility. “We were convinced by Serendipity Labs’ decades of management experience and reputation for delivering world-class service,” says Jonathan (Jody) Durst, President of the Durst Organization.

“They also have the unique ability to provide office tenants across our portfolio with on-demand access to a tristate coworking network that can serve as an extension of their NYC offices and support efforts to attract and retain top talent.”

Serendipity Labs Chairman and CEO, John Arenas says, “Serendipity Labs – Grand Central will serve as 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.”

He adds, “We also expect strong demand from inbound commuting by suburban workers, business travelers, and New Yorkers throughout the city who need inspiring on-demand workplaces to collaborate with colleagues, connect with customers, or to drop-in and focus.”

The refurbishment includes upscale interior design elements, ergonomic sit-stand workstations, plush furnishing, sound attenuation, privacy enhancements, and a secure technology infrastructure that satisfies FINRA, HIPAA and the data privacy security and compliance requirements of global multinational companies. Serendipity Labs was represented in the transaction by Michael Berman of JLL. Durst was represented in-house by Robert Becker, Senior Vice President of Business & Strategic Partnerships, and Managing Director Lauren Ferrentino.

Serendipity Labs – Grand Central opens March 1, 2023. Coworking, private office and team room pre-open memberships are available at serendipitylabs.com/nyc-grand-central.

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