Knotel, the agile workspace provider, announced the addition of 51,104 s/f to its Manhattan portfolio with the subleasing of the 8th floor at 229 West 43rd treet, the former home of The New York Times.
The agreement was reached with Engine Group, who has been leasing the space. Knotel was represented by Michael Cohen, John Pavone and Jessica Verdi of Colliers. The office portion of the building is owned by Columbia Property Trust.
In the past two weeks, Knotel has announced over 200,000 s/f of new locations in New York and San Francisco, along with another 200,000 s/f planned in Brazil as the rapidly growing firm moves into São Paulo and Rio de Janeiro over the next six months.
Knotel also has established a presence in Los Angeles and expects to announce its first transactions there in the coming weeks.
After celebrating the firm’s third anniversary in November 2018, its New York City portfolio now totals over 1.5 million square feet overall, with plans to reach two million square feet by year end.
“As the former long-time home of one of America’s most respected media organizations, 229 West 43rd Street is truly a legendary New York City location,” said Eugene Lee, global head of real estate & business development at Knotel.
“With its Midtown location near so many corporate headquarters, convenient transit access and large floorplates that meet the needs of many companies, it complements our portfolio perfectly. Our expansion in New York City continues, as we provide property owners with attractive alternatives to traditional leasing arrangements while delivering innovative and flexible real estate solutions for companies in an ever-changing market.”
Knotel – which designs, builds and operates custom spaces for companies of 50 employees or more – was founded in New York City in 2016 and caters to established and growing brands.
“Knotel’s success in the flexible workspace evolution complements 229 West 43rd Street’s creative culture, established by Yahoo, Snap and Engine,’” added David Cheikin, who serves as Senior Vice President of Strategic Real Estate Initiatives for Columbia Property Trust and heads its New York team overseeing office leasing and operations at the iconic property.
“We think this partnership will help to preserve the building’s position as one of Midtown’s best digital addresses.”