Knotel Expands NYC Footprint With 2 New Locations

The shared space provider signed on for some 20,000 square feet in two neighboring Midtown Manhattan office buildings.
578 Eighth Avenue

Knotel continues to grow its New York City presence with the addition of new locations on the Eighth Avenue corridor in Midtown Manhattan. The workspace provider signed two new leases totaling nearly 20,000 square feet less than a month after it took 39,000 square feet in another building in the area.

The first lease encompasses 11,400 square feet, taking up the entire 15th, 16th and 18th floors of 580 Eighth Avenue. The 73,000-square-foot, 21-story asset features 11-foot slab-to-slab ceiling heights and column-free floor plans. The second location consists of 8,574 square feet across the entire 20th floor at Olmstead Properties’ 575 Eighth Avenue. The 24-story asset comprises 244,260 square feet and houses tenants such as law firm Schiavetti, Corgan, DiEdwards, Weinberg & Nicholson, Yardi Matrix data shows.

The adjacent buildings are blocks away from Penn Station, Times Square and the Port Authority as well as various trains. Nearby amenities include eateries, accommodation and entertainment options, cafés and retailers.

East End Capital Associate Asset Manager Alex Kantor represented the landlord in-house. Similarly, Olmstead Properties Senior Managing Director Daniel Breiman also acted in-house. Knotel opted for no outside representation. “Today’s transactions are a great example of how demand grows rapidly within the markets where we already have a presence,” Knotel Global Head of Real Estate & Business Development Eugene Lee said in a prepared statement.

Image courtesy of Yardi Matrix