Knotel Expands NYC Presence

The workspace innovator signed a 28,820-square-foot lease at 5 Hanover Square in Lower Manhattan and will occupy two full floors in the CIM Group-owned building.
Eugene Lee, Knotel’s global head of real estate & business development
Eugene Lee, Knotel’s global head of real estate & business development

Knotel, a leading coworking space provider, signed a 28,820-square-foot lease at 5 Hanover Square, a 25-story, 338,000-square-foot office building in Lower Manhattan, owned by CIM Group. 

“This was a great location, near other Knotel (locations),” Eugene Lee, Knotel’s global head of real estate & business development, told Commercial Property Executive. “We are looking at space all over the city and continue to accelerate our pace to grow our portfolio and keep up with demand.”

In late September, Knotel increased its footprint in New York with the signing of new leases and lease expansions at four office buildings across Manhattan, adding a total of 31,973 square feet to its flexible workspace offerings.

Overall, the company has completed nine leases totaling more than 70,000 square feet in less than two months, upping its New York City portfolio to more than 1.5 million square feet.

Knotel’s lease at 5 Hanover Square comprises the 17th and 18th floors and the company plans to take ownership of the space when the building opens later this year.

“We are exponentially growing in FiDi,” Lee said. “And we’re there because that’s where our customers are clamoring for space.”

A location in demand

The building is situated near numerous restaurants, shopping and historic landmarks including Wall Street, the New York Stock Exchange, Battery Park and Trinity Church.

According to Lee, Knotel’s members will benefit from the space’s convenience to multiple subway lines, Pier 11 Ferry Terminal and the FDR Drive.

Skylight Leasing’s Elie Reiss represented Knotel in the transaction, while CBRE’s Michael Rizzo, Adam Leshowitz and Robert Wizenberg represented the CIM Group.

Image courtesy of Knotel