The Real Deal New York

Knotel inks deal for 20th Manhattan location

Flex office startup takes 23K sf at 655 Madison
By Konrad Putzier | October 04, 2017 09:30AM

655 Madison Avenue and Amol Sarva

Flexible office startup Knotel is taking 23,000 square feet at 655 Madison Avenue in Midtown, its 20th location in Manhattan.

Knotel will occupy floors 12 and 14 under a five-year management agreement with the landlord, a group of former Williams Real Estate principals including Andrew Roos. No brokers were involved in the deal.

In 2013, billionaire developer Stephen Ross’ wife Kara signed a 600-square-foot retail lease for her jewelry line in the 24-story, 244,655-square-foot tower.

Knotel, a provider of serviced office space under flexible lease terms, raised $25 million in a Series A funding round earlier this year. It is locked in fierce competition with WeWork, which has offered at least one Knotel customer a year of free rent if it switched over. Last month Knotel formed an alliance with coworking company Grind, taking over one of its spaces.