search

The Real Deal Logo

Trending

H-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boom“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
Commercial
Los Angeles

Knotel to open coworking location in Malibu

Newmark-owned proptech firm leases 34K sf building on Pacific Coast Highway

Knotel CEO Michael Gross and 22761 Pacific Coast Highway (CBRE, Newmark)
Knotel CEO Michael Gross and 22761 Pacific Coast Highway (CBRE, Newmark)

Knotel, the proptech and coworking firm owned by Newmark, has signed Malibu’s largest office lease in more than a decade, The Real Deal has learned.

The firm has leased a 34,300-square-foot office building at 22761 Pacific Coast Highway and will use it as coworking space, according to two sources familiar with the deal. Knotel did not respond to a request for comment.

CBRE’s Stan Gerlach and Jeff Gerlach brokered the deal, but declined to comment on the tenant.

Ask Associates, a limited liability company linked to Beverly Hills-based developer Kambiz Hakim, has owned the office property since 2007, when it purchased it from Malibu Vista Partners for $17.5 million, according to property records and reports at the time.

Only one other office deal in Malibu larger than 18,000 square feet has been signed in the last 12 years, according to CBRE. Given the lack of office properties in the coastal city, tenants on average occupy about 2,500 square feet.

Sign Up for the undefined Newsletter

In 2016, The Crypto Company signed a lease to take a roughly 18,600-square-foot building at 22809 Pacific Coast Highway, a building that is currently available for lease according to a listing on LoopNet.

The Knotel lease comes about a month after the coworking firm signed a deal to take an entire warehouse in the Miami neighborhood of Wynwood, signaling a revival for the firm after a tumultuous couple of years.

In February of last year, the coworking firm filed for bankruptcy, after numerous lawsuits from landlords claiming the startup stopped paying rent at the start of the pandemic.

Newmark then acquired Knotel through bankruptcy proceedings for around $90 million, after the startup exited some of its locations.

Read more

Tags
CoworkingKnotelLA Office MarketLeasingMalibuNewmark