Knotel Nabs 14K SF in Flatiron District
Flexible-workspace provider Knotel will take 14,160 square feet in the Flatiron District, boosting its presence to nearly 580,881 square feet in the area, the company announced.
Knotel signed a long-term lease for the entire fourth and fifth floors of the Eretz Group’s 101 Fifth Avenue between East 17th and East 18th Streets. A Knotel spokeswoman declined to provide terms of the deal, but CoStar Group data shows asking rents in the building are between $62 and $75 per square foot.
Knotel plans to move into the 11-story building by the end of the year, the spokeswoman said.
“The addition of 101 Fifth Avenue contributes another prime site to our market-leading portfolio in Manhattan,” Eugene Lee, Knote’s chief investment officer, said in a statement. “As companies continue to flock to the Flatiron, Union Square and Chelsea areas, we are here to support them.”
Greg DiGioia and Michael Morris of Newmark (NMRK) Knight Frank represented Knotel in the deal while Eretz Group handled it in-house. Representatives from NKF and the Eretz Group did not respond to a request for comment.
Knotel recently announced it leased 1 million square feet around the world in the first quarter of this year, with about 540,000 square feet in New York City, according to the spokeswoman. Last week, it inked a deal to grow its presence at 110 Williams Street by 80,650 square feet, as Commercial Observer previously reported. (Disclosure: Observer Capital, led by Observer Media Chairman and Publisher Joseph Meyer, is a Knotel investor.)
Other tenants in the 75,520-square-foot building include cryptocurrency company CoinShares, celebrity facialist Tracie Martyn and Zara in the lower-level retail space.