The Real Deal New York

Office startup Knotel signs deals for 93K sf

Company takes space at 28 West 23rd Street, 475 Park Avenue South
By Konrad Putzier | May 10, 2017 06:05PM

From left: 28 West 23rd Street, Amol Sarva and 475 Park Avenue South

Flexible office space provider Knotel signed deals to take on an additional 93,000 square feet across five properties in Manhattan and Brooklyn.

The deals, some leases and some management agreements, expand the startup’s footprint in New York to around 250,000 square feet.

At 28 West 23rd Street in the Flatiron District, which is reportedly owned by the Cohen, Roos and Carmel families, Knotel signed a 25,000 square-foot lease brokered by Savills Studley.  Personal finance startup Stash Invest and compliance firm GAN Integrity are set to move in, according to Knotel.

Knotel also signed a lease for 21,000 square feet at Cohen Brothers’ 475 Park Avenue South and took on an additional 20,000 square feet at the Wolfson family’s 1 State Street Plaza, where it already occupies a full floor. Knotel signed management agreements for a 17,000-square-foot former warehouse and event space in Gowanus at 473 President Street and for 10,000 square feet of office space at 875 Sixth Avenue.

New York-based Knotel takes space in office buildings, builds it out, adds common amenities such as conference rooms and WiFi, and then sublets it to small- and mid-sized companies on flexible terms. In February the startup announced that it raised $25 million in a Series A funding round.

Eugene Lee, Knotel’s head of property acquisition, said the firm plans to expand to around 1 million square feet by the end of the year.