You are here

Space Race: Knotel Inks Three Manhattan Leases as WeWork Gets Into the ‘HQ’ Business

Office provider Knotel continues to escalate its space war with WeWork after announcing this week that it has agreed to new leases at three Manhattan office buildings. The startup, which has become one of the most prolific consumers of office space in New York City since the start of 2017, announced today that it has inked deals for 11,940 square feet at 80-90 Eighth Avenue in Chelsea and 10,400 square feet at 155 Fifth Avenue in the Flatiron District. The deals come on the heels of a lease for 28,820 square feet at 5 Hanover Square in the Financial District announced earlier this week.

Knotel is taking the entire fifth floor at 80-90 Fifth Avenue, a 20-story, 185,000-square-foot property at the northeast corner of West 14th Street. Michael Morris and Greg DiGioia of Newmark Knight Frank represented the tenant in negotiations while their NKF colleagues Morgan Feldman and Scott Brown represented the landlord, the Gural family’s GFP Real Estate

The office provider is also leasing the entire fourth and fifth floors at 155 Fifth Avenue, the seven-story, 37,000-square-foot property between East 21st and East 22nd Streets, also known as the Scribner Building. Knotel was represented in that deal by Elie Reiss of Skylight Leasing while Michael Liss and Samuel Spillane of CBRE handled negotiations on behalf of landlord Eretz Group.

“Our growth in New York City shows no sign of slowing down,” Eugene Lee, Knotel’s global head of real estate and business development, said in a press release announcing today’s transactions. Lee added that the leases “reflect our expansion in Midtown South”—traditionally the office provider’s core Manhattan market—as well as “a continuously growing interest in flexible office space” among commercial tenants.

 

Read Complete Article