Leases  ·  Office

Knotel Grabs 11K SF Near Grand Central Terminal


Flexible workspace provider Knotel has inked a deal for an 11,176-square-foot location near Grand Central Terminal, the company announced yesterday.

Knotel signed a 10-year lease for the entire sixth and 11th floors of the 28-story 369 Lexington Avenue between East 40th and East 41st Streets, according to landlord Triangle Assets. Asking rent was $67 per square foot in the deal.

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“We are seeing a surge in demand for flexible office from the Fortune 500 companies located near Grand Central,” Eugene Lee, Knotel’s global head of real estate and business development, said in a statement. “As more and more companies revisit Midtown East, we will be here to support them.”

Aziz Kabbaj and Robert Chattah of Sitt Ventures brokered the deal for Knotel while Triangle Assets handled it in-house with Benjamin Stavrach. Kabbaj and Chattah could not be reached for comment.

“We are excited to have Knotel join our family of tenants,” Stavrach said in a statement. “With 369’s location, boutique floor plates and its buildouts, it was a no brainer.”

Knotel—which leases about 3 million square feet around the world—plans to open a flexible office space at 369 Lexington Avenue in April, a Triangle Assets spokesman said. (Disclosure: Observer Capital, led by Observer Media Chairman and Publisher Joseph Meyer, is a Knotel investor.)

Other tenants in the 175,000-square-foot building include on-demand meeting space provider Breather, coworking company Jay Suites and global investment adviser Quantbot Technologies.