The Real Deal New York

Knotel wants all of your sublease space

The move is the latest in the company's bid to outmaneuver rival WeWork
April 27, 2018 05:30PM

Amol Sarva and 360 Park Avenue

Knotel, in its ongoing quest to outmaneuver rival WeWork, is now offering companies looking to upsize or downsize a hassle-free service to offload sublease space.

The flexible office space startup led by Amol Sarva reportedly conducted the office-swap this week. The company subleased a 45,000 square foot space from Wyng, a software company, that was renting at 360 Park Avenue, according to Crains. The software company had sought to downsize and is moving into a smaller space leased by Knotel at 55 W. 21st St, while Knotel will take over the Wyng sublease and fill it with another company.

“We’re a great alternative to the sublease market where a tenant can come to us, give us their space, take a smaller or a larger space with us and handle the task of filling their old location,” Eugene Lee, Knotel’s head of real estate and business development, told Crain’s.

This month, Knotel upped its assault on WeWork, after closing a $70 million fundraising in a Series B funding round, and is now valued at $500 million. In the past two years Knotel has leased more than 1.1 million square feet in New York, San Francisco and London, and with the recent funding expects to double in size. [Crains]David Jeans