Knotel Expands San Francisco Presence
- Dec 04, 2018
Knotel, a flexible office space service provider, has signed new office space leases at three San Francisco buildings, totaling approximately 45,000 square feet. With these trio of leases, the company now operates a total of nearly 200,000 square feet of space at 20 locations throughout the city.
In the largest deal, Knotel signed for 35,643 square-foot at 555 Montgomery St. with landlord Gaw Capital. The company will occupy the third, sixth and 17th floors of the building. Roman Adler of Newmark Knight Frank represented the landlord in the deal, while HelloOffice’s Justin Bedecarre, Blake Stanley and Bryan Emmanuel worked on behalf of the tenant.
Knotel also signed a 5,592-square-foot lease at 26 O’Farrell St., taking the entirety of the second and fourth floors of the building. Colliers International’s Jim Sobel acted on behalf of landlord Leon Le. HelloOffice’s same team handled things for Knotel. The third lease was for 2,800 square feet at 615 Sacramento St. with Birmingham. Knotel is set to take the second and third floors of the building. This deal was also handled by Sobel on behalf of the landlord and the trio of Bedecarre, Stanley and Emmanuel for Knotel.
“Our continuous growth in the San Francisco office market is a key example of the rapid demand for flexible office space in the Bay Area,” Kwame Spearman, Knotel’s head of expansion, said in a prepared statement.
A leader in its field
In October, Knotel closed a $60 million round of funding led by Norwest Venture Partners. The financing brings Knotel’s total backing to $160 million. Existing investors also include Newmark Knight Frank.
Beginning operations in 2016, Knotel designs, builds and operates custom spaces for companies of 50 employees or more. Knotel currently operates more than 100 locations worldwide, with plans for expansion in existing cities and into new markets in the U.S. and overseas. Overall, it has more than 1.7 million square feet across its locations in New York, San Francisco, Los Angeles, London and Berlin. Research firm Pitchbook values the flexible office space startup led by Amol Sarva at $500 million.
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