Knotel opening a new location at CIM’s
5 Hanover Square

WeWork competitor taking 29K sf in new lease deal

TRD New York /
Oct.October 03, 2018 12:45 PM

Amol Sarva and 5 Hanover Square (Credit: Google Maps)

Flexible office startup Knotel has continued its 2018 Manhattan expansion plans by signing a new lease at CIM Group’s 5 Hanover Square, the company announced Wednesday.

Knotel is taking two full floors of the Downtown office tower in a deal totaling nearly 29,000 square feet. The lease comes just two weeks after the company announced four new deals for a total of 39,000 square feet in four Manhattan buildings.

The 5 Hanover deal was brokered by Elie Reiss of Skylight Leasing. CBRE brokers Michael Rizzo, Adam Leshowitz, and Robert Wizenberg represented CIM in the deal.

As Knotel grows, its much larger competitor, WeWork, has been breathing down its neck, offering 50 percent discounts to customers who ditch Knotel for WeWork.

Though only operational for two years so far, Knotel holds some 1.5million square feet of co-working space in 80 buildings nationwide, according to the firm. As of an April fundraising round, the company is valued at $500 million.

Knotel’s founder, Amol Sarva, has previously accused WeWork of sending spies to its locations to “pilfer” trade secrets.


Related Articles

arrow_forward_ios
Photo illustration of Paraag Sarva and Amol Sarva (Credit: Amol Sarva by Sasha Maslov, Linkedin)

Brother from the same mother: Knotel, Rhino CEOs didn’t disclose family tie on insurance deal

Brother from the same mother: Knotel, Rhino CEOs didn’t disclose family tie on insurance deal
Andrew Florance, CEO of CoStar (Photo by Jeffrey MacMillan for the Washington Post)

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts
An institutional investor’s sale of a 7 percent stake in an exchange-traded real estate fund reveals deep concerns about the sector. (Credit: iStock)

Mystery investor dumps big stake in real estate fund

Mystery investor dumps big stake in real estate fund
Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
CEO Andrew Florance (Credit: CoStar via YouTube)

CoStar buying Ten-X for $190M

CoStar buying Ten-X for $190M
Small landlords, such as Jan Lee, a New York landlord who owns two buildings, say Wall Street players will take their place unless rent relief comes soon. (Credit: Twitter; background via BRYAN R. SMITH/AFP via Getty Images)

Small landlords call for rent relief package, fearing Wall Street takeover

Small landlords call for rent relief package, fearing Wall Street takeover
Cohen Brothers Realty president and CEO Charles Cohen and Cushman & Wakefield Chairman of Global Brokerage Bruce Mosler

Hear from billionaire Charles Cohen on today’s TRD Talk

Hear from billionaire Charles Cohen on today’s TRD Talk
Northwind's Ran Eliasaf

Northwind Group launches $220M debt fund focused on NYC

Northwind Group launches $220M debt fund focused on NYC
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...