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Knotel's Moinian Group Deal Extends Midtown South Leasing Footprint

Flexible Workspace Provider Pulls in Another 39,000 SF with Agreements on Five Buildings (UPDATE)
September 12, 2018
Knotel, a provider of flexible workspaces that competes with WeWork, is carving out more space in Manhattan's Midtown South.

Knotel has signed leases for five new locations totaling 38,800 square feet, with all five locations expected to open this fall. The bulk of the new leases, about 27,500 square feet, take space within properties owned by New York-based developer Moinian Group.

The portfolio of four Moinian Group buildings for which Knotel has committed to space are:
  • 54 W. 22nd St., a boutique 17,500-square-foot masonry office building built in 1910. Knotel is set to anchor the six-story property with a 12,500-square-foot lease.
  • 29 W. 17th St., where Knotel will lease 7,500 square feet on the 2nd, 5th and 6th floors;
  • 147 W. 24th St., another boutique mid-rise masonry building that spans 17,433 square feet. Knotel signed a 5,000-square-foot lease covering the fourth through sixth floors. The property was also built in 1910.
  • 37 W. 17th St., a seven-story, 35,000-square-masonry office building that was constructed in 1920. Knotel agreed to lease 2,500 square feet on the second floor.

Knotel signed its fourth lease, for 11,300 square feet, with Elijah Equities for the family-owned real estate investment firm’s office property at 307 Fifth Ave. The 64,850-square-foot masonry building stands 17 stories and is laid out in full-floor suites, with a typical floor measuring 3,650 square feet, according to CoStar data. It was built in 1928.

The four buildings fit a property profile Knotel has been targeting: Older masonry stock, a majority of which were constructed before 1930.

Knotel leases about 390,000 square feet of office space in Manhattan, according to CoStar data. The firm said it has 20 locations open in Chelsea alone.

"Our growth in Chelsea and Nomad reflects the continued interest in flexible serviced office space by established companies and the city’s top owner / managers," said Knotel Chief Executive Amol Sarva.

Editor's Note: The news story was updated from an earlier version to include the 7,500-square-foot deal at Moinian's 17th Street property, unintentionally omitted from the initial report.

Diana Bell, New York City Market Reporter  CoStar Group   
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