The Real Deal New York

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

WeWork competitor taking 29K sf in new lease deal
By Will Parker | October 03, 2018 12:45PM

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.