You want to create a new functional location.

 The Customizing for the functional location category includes the following settings: usage period, object information, and status profile.

The usage period defines the start and end dates of the functional location’s usage. It can be used to control the validity of maintenance plans and orders, and to calculate the age of the functional location. You can define the usage period in the Customizing activity Define Functional Location Categories1.

The object information defines the additional data that can be entered for the functional location, such as manufacturer, construction type, serial number, and equipment number. You can define the object information in the Customizing activity Define Functional Location Categories1.

The status profile defines the user statuses that can be assigned to the functional location. The user statuses can be used to control the business transactions that are allowed for the functional location, such as creating orders, notifications, or measuring documents. You can define the status profile in the Customizing activity Define Status Profile2.

References: 1: Define Functional Location Categories 2: Define Status Profile