Flex Office Firm Takes 13 KSF in Union Square
This is the company’s second flex office since its founding.
Flex office provider Resident Co. Club has signed a 13,000-square-foot lease at Amalgamated Lithographers of America’s 113 University Place, in Manhattan, Commercial Observer reported. Savills and Okada & Co. arranged the deal.
The new hub is scheduled to open in March 2026. The planned coworking space in Union Square marks Resident’s second location since the company was founded in November last year.
The firm opened its first flex office space two months ago at 115 E. 23rd St., east of Madison Square Park and within walking distance of 113 University Place.
Savills Vice Chairman Kirill Azovtsev, Managing Director Alex Redlus and Associate Jessica Conklin arranged the lease on behalf of Resident, while Okada & Co. Associate Director Avery Reavill worked on behalf of the ownership.
A Manhattan mid-rise building
Completed in 1940, 113 University Place is a 57,739-square-foot property rising 11 stories. The coworking company will occupy space on the fourth and fifth floors. Resident will join the offices of Amalgamated Lithographers of America, as well as several medical doctors and social workers.
With most U.S. companies increasingly opting for remote work, hybrid environments continue to spread as part of current office real estate trends. Despite such gaps in office utilization, October saw Manhattan’s vacancy rate drop to 13.0 percent, down 370 basis points on a trailing 12-month basis, according to the latest Yardi Matrix office report.
The figure positioned the borough at the top of the list, with the lowest vacancy rate across major U.S. markets. The metro’s average listing rate clocked in at $67.97 per square foot as of the same month, down 0.7 percent year-over-year, yet more than double the national figure of $32.81.
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