The Real Deal New York

Knotel adds five new Manhattan locations

Flexible office company inks deals with Moinian, Elijah
By Konrad Putzier | September 11, 2018 04:15PM

From left: 54 West 22nd Street, Amol Sarva, and 307 Fifth Avenue (Credit: Phorio and Agorafy)

UPDATED, Sep. 12, 3:00 p.m.: Knotel signed five new Manhattan leases spanning a combined 38,800 square feet, the flexible office company announced Tuesday.

The startup is taking 12,500 square feet 54 West 22nd Street, 7,500 square feet at 29 West 17th Street, 5,000 square feet at 147 West 24th Street and 2,500 square feet at 37 West 17th Street. All four leases were signed with Moinian Group, which is also an investor in the company.

Knotel also leased three floors spanning a combined 11,300 square feet at Elijah Equities’ 307 Fifth Avenue.

Knotel, founded in 2016, manages more than 1.4 million square feet of office space in 70 buildings in New York, San Francisco, London and Berlin. The company raised $70 million in a Series B funding round in April.

The company’s continued expansion comes as it faces a challenge from WeWork, which has started offering 50 percent off their first year’s rent to tenants who switch over from Knotel and other rivals and 100 percent commission to brokers who bring them in.

Note: Since this article was published TRD has learned of a fourth lease with Moinian Group. The article has been updated accordingly.