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Deals & Dealmakers

Knotel closes on five Midtown spaces

Knotel, the flexible has finalized five new leases totaling 38,800 s/f in Midtown South.

In the largest transaction, Knotel has completed a 27,500 s/f portfolio deal with landlord the Moinian Group.

The new locations in the Moinian portfolio include 54 W. 22nd Street (12,500 s/f on floors 2-5 and the 6th floor); 29 West 17th Street (7,500 s/fon floors 2, 5, 6); 147 West 24th Street (5,000 s/f across floors 4-6) and 37 West 17th Street (2,500 s/f on the 2nd floor). In addition, Knotel signed an 11,300 s/f lease at Elijah Equities’ 307 Fifth Avenue, at East 31st Street between Madison and Fifth Avenues. The new lease comprises floors 9, 13, and 17 at the boutique office property.

“We are seeing incredible demand for our product in New York City,” said Amol Sarva, co-founder and CEO of Knotel. “Our growth in Chelsea and Nomad reflects the continued interest in flexible serviced office space by established companies and the city’s top owner/managers.”

The new Knotel locations, which are set to open this fall, build on the brand’s expansion throughout the Manhattan market. In Midtown South, new research from Newmark Knight Frank shows that Knotel has become the fourth largest taker of space and comprises 25 percent of all leasing activity in Chelsea.

Knotel – which designs, builds and operates custom spaces for companies of 50 employees or more – was founded in New York City and caters to established and growing brands.

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