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Knotel Takes Full Floor at Beijing Shokai Group-Owned Chelsea Building

Knotel Takes Full Floor at Beijing Shokai Group-Owned Chelsea Building

Office provider Knotel’s appetite for Manhattan commercial space continues unabated, with the startup having inked a 12,683-square-foot lease at 224 West 30th Street in Chelsea, Commercial Observer has learned.

Knotel signed a 10-year deal late last month for the entire fifth floor at the 14-story, roughly 143,000-square-foot building between Seventh and Eighth Avenues, according to sources with knowledge of the transaction.

Asking rent in the deal was $52 per square foot, sources said. James Caseley, John Brod and Alison Miller of ABS Partners Real Estate represented the landlord, a subsidiary of China-based real estate investment and development firm Beijing Capital Development Holding, also known as Beijing Shokai Group. Knotel was represented by Jessica Tu of CJ Net Inc. and Aziz Kabbaj of Mirador Real Estate.

While the lease commenced at the beginning of this month, Knotel expects to take occupancy of the space after completing a buildout of the offices. The company provides flexible, short-term office arrangements to mostly small- to mid-sized businesses—though it is increasingly serving larger corporations like Starbucks, which recently took a full floor at a Knotel location at 72 Madison Avenue in NoMad, as CO reported this month.

In a statement, Brod said Knotel’s buildout of its full-floor space will “reflect its brand.” He added that ABS has “been working closely with ownership to transform this building, which is presently comprised of fur showrooms, into a premiere office destination within the Penn Station/Hudson Yards corridor.”

A spokeswoman for Knotel confirmed the deal but did not immediately provide comment. Representatives for CJ Net and Mirador could not immediately be reached for comment.

Knotel has signed a flurry of office leases across New York City, and expanded into the San Francisco office market, since sealing a $25 million Series A funding round in February 2017. (Disclosure: Observer Capital, led by Observer Media Chairman and Publisher Joseph Meyer, is among Knotel’s investors).

The company claims it now has more than 700,000 square feet under lease across more than 40 locations in New York and San Francisco, expects to grow its total footprint to several million square feet before the end of the year and has plans for further expansion into global markets including London.

Source: commercial


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