Knotel Signs New Lease in NYC
- Feb 11, 2019
Knotel has signed a 39,000-square-foot lease at 29 W. 35th St., an 85,000-square-foot office building in New York’s Midtown neighborhood, with United Group, the landlord. The lease will house the workspace provider on five full floors of the 12-story property.
“Similar to many other Knotels in the area, this building offers floorplates of a size that are in high demand from our clients, and is situated well from an accessibility perspective,” Eugene Lee, Knotel’s global head of real estate and business development, told Commercial Property Executive. “We will operate it as we do our entire portfolio, giving companies seeking flexible office their own—or multiple—floors.”
The building is strategically situated just steps from Herald Square and is close to Penn Station and several major subway lines. Completed in 1911, the property is in the Murray Hill section of Manhattan and underwent renovations in 1985 and 2015.
According to Lee, more landlords have come around to flexible office being the new normal when it comes to leasing transactions.
Colliers International’s Michael Cohen, John Pavone and Jessica Verdi represented Knotel in the deal, while Roni Mova was in-house representation for United Group.
Growing NYC presence
The new lease boosts Knotel’s New York City portfolio to more than 2 million square feet and the company said it would be announcing more Manhattan expansion in upcoming weeks.
Last month, Knotel closed on four new leases in New York City, for a combined 76,412 square feet, further expanding its presence in the Midtown South submarket, where the company has completed 37 deals totaling approximately 600,000 square feet over the last 12 months.
Overall, Knotel has locations around the world, including San Francisco, London, Berlin, Paris, Los Angeles and Brazil. More than 200 companies are taking advantage of Knotel’s 2.5 million square feet of space in more than 110 locations.
Image courtesy of Knotel