WeWork competitors form alliance

Grind and Knotel to refer customers to each other

TRD New York /
Sep.September 21, 2017 02:00 PM

From left: 419 Park Avenue South, Amol Sarva and David Beale

Flexible office startups Knotel and Grind formed an alliance as they try to take on WeWork, the companies announced Thursday.

From now on the co-working company Grind will refer larger firms and members that want to move out of its spaces to Knotel, which caters to companies in search of a serviced office on a flexible lease. In return, Knotel will refer freelancers and smaller firms, which it generally doesn’t cater to, to Grind. As part of the deal, Knotel is taking over Grind’s location at 419 Park Avenue South.

The agreement comes a month after WeWork announced a $4.4 billion investment from Japanese conglomerate SoftBank and aggressive expansion plans in Asia, putting pressure on its competitors. Two weeks ago, Knotel parked a bus advertising its services outside WeWork’s Headquarters On West 18th Street.

Knotel also announced that it signed a 10-year, 25,000-square-foot lease at Moinian Group’s 55 West 21st Street, bringing its footprint in Manhattan above 400,000 square feet. Skylight Leasing’s Elie Reiss represented the tenant, while Moinian was represented in-house.

Knotel, founded by Amol Sarva, raised $25 million in a Series A round in February.

Grind shuttered its location at 1412 Broadway in the Garment District earlier this year.


Related Articles

arrow_forward_ios

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Another head rolls at WeWork

WeWork's co-CEO Sebastian Gunningham speaks at the launch of Dock 72

What, We Worry? Execs remain confident in WeWork-anchored Brooklyn project

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

SoftBank looks to take over WeWork, NYC investigates WeLive: Daily digest

SoftBank’s problem solver faces his biggest challenge yet: WeWork

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

arrow_forward_ios