Knotel Takes Entirety of Office Space at Soho Building
Office provider Knotel is taking more space in Soho—this time agreeing to a 14,000-square-foot lease comprising the entirety of the office space at 521 Broadway, the company announced today.
Knotel signed a 10-year deal earlier this month for the entire second through fifth floors at the five-story, 21,000-square-foot building between Spring and Broome Streets. The deal represents the second time Knotel has inked a lease to occupy an entire Manhattan office building; last year, it agreed to take all 25,000 square feet at the Moinian Group’s 55 West 21st Street in the Flatiron District, as Commercial Observer reported in September.
The transaction does not include the street-level retail space at 521 Broadway, consisting of 3,000 square feet on the ground level and another 3,300 square feet of lower-level space, according to marketing materials from retail brokerage Isaacs and Company. That space was until recently vacant but is now occupied on a short-term pop-up lease by apparel brand Nirvanna Designs.
Knotel did not disclose the asking rent in the deal. Elie Reiss of Skylight Leasing represented Knotel in the transaction, while Nir Gilboa of Nolita Group handles office leasing at 521 Broadway on behalf of Montreal-based landlord Rumpf. Skylight, Nolita Group and Rumpf did not immediately return requests for comment.
The office provider has been active in the Soho market as of late, having recently signed a lease for more than 23,000 square feet at 584-588 Broadway, as CO reported last week. Knotel, which provides short-term lease agreements to office tenants that effectively sublease their space from the firm, has more than 600,000 square feet of office space under lease across more than 30 locations in New York City and three in San Francisco.