Knotel Inks Lease for New Soho Office, Expands FiDi Presence
Office provider Knotel has continued its aggressive expansion in the Manhattan market after agreeing to lease more than 23,000 square feet at 584-588 Broadway in Soho and upsizing its footprint at 1 State Street Plaza in the Financial District by nearly 15,000 square feet, the company announced today.
Knotel signed a 10-year deal to occupy the entire 23,464-square-foot fourth floor at Olmstead Properties’ 584-588 Broadway, a 12-story, 226,000-square-foot office building between Houston and Prince Streets. In addition, it has expanded its presence at the Wolfson Group’s 1 State Street Plaza after inking a 14,793-square-foot lease for part of the 10th floor at the 35-story, 975,000-square-foot tower between Pearl and Whitehall Streets for an undisclosed term—taking Knotel’s total space at the Financial District property to around 61,000 square feet.
“584 Broadway adds a unique asset to Knotel’s growing portfolio as as we further expand our foothold into Midtown South—an area where we significantly grew our holdings in 2017,” Eugene Lee, the company’s global head of real estate and business development, said in a statement announcing the deals.
“With continued interest [from office users] Downtown, we are excited to expand at 1 State to meet that demand,” Lee added.
Knotel did not provide asking rents in either transaction. The firm was represented by Elie Reiss of Skylight Leasing in the 584-588 Broadway deal and had no outside representation in the 1 State Street Plaza lease. Steven Marvin of Olmstead Properties represents the landlord in-house at the Soho building, while CBRE handles leasing at 1 State Street Plaza.
Skylight, Olmstead and CBRE did not immediately return requests for comment.
Knotel provides short-term and rolling lease agreements to mostly small- to mid-sized businesses that effectively sublease their office space from the firm. The startup has grown at a prolific rate over the past year, recently surpassing 600,000 square feet of office space under lease across more than 30 locations in New York City and three locations in San Francisco.