Knotel gobbles up 80K sf more in Financial District’s 110 William Street

The flexible office space provider is going head-to-head with WeWork in the neighborhood, which signed 200K sf at 199 Water Street last month.

May.May 02, 2019 06:30 PM
Knotel CEO Amol Sarva and 110 William Street (Credit: KBS)

Knotel CEO Amol Sarva and 110 William Street (Credit: KBS)

In its bid to scale, Knotel is pushing further into the Financial District and has tripled its square footage at 110 William Street.

The New York-based flexible office space company increased its footprint in the 32-story building to 117,000 square feet, up from the 36,000 square-foot floor plate that it signed for in August last year, the company said Thursday. The firm will take floors seven and eight, in addition to its existing space on the 17th floor.

After KBS Capital Partners and Savanna acquired the 928,000 square-foot building in 2014, it underwent a significant upgrade. The landlords secured a $265 million loan package to refinance the Downtown office building in 2017.

The expansion signals a push by Knotel into the Financial District, where WeWork is also eating up space. In February, WeWork signed a massive 200,000-square-foot lease at 199 Water Street.  WeWork is also reportedly discussing another 100,000 square feet at Silverstein Properties 120 Broadway.

As WeWork gears up for an IPO, Knotel is trying to scale, and recently surpassed 200 locations in New York, San Francisco, Los Angeles, London, Paris, Berlin and São Paolo.

The Real Deal reported last week that the firm is in talks with the Kuwait sovereign wealth fund for a funding round of close to $200 million. The firm has so far raised $160 million at a valuation of $500 million, in rounds backed by companies such as Newmark Knight Frank and the Moinian Group.

Knotel was represented Greg DiGioia and Michael Morris of Newmark Knight Frank; the landlords were represented by Hal Stein, Todd Stracci and Travis Wilson from Newmark.

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