Knotel Signs Two Leases at Thor Properties in Midtown

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Flex office provider Knotel has signed two new leases along Fifth Avenue, both in properties owned by Thor Equities, Commercial Observer has learned.

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Knotel took 11,800 square feet over two floors at 590 Fifth Avenue, a 19-story building between West 47th and West 48th Streets, Thor confirmed. Other office tenants at the building include Columbia University Medical Center and AT&T.

The WeWork rival also took 6,400 square feet at 597 Fifth Avenue, between West 48th and West 49th Streets, catty-corner from the first location. Other office tenants include Burma Bibas, Reclaim NY, and Yieldstreet Inc.

Arthur Mirante, John Ryan, Patrick Steffens, and Dominic Perkovic of Avison Young represented the landlord in both transactions together with Adam Lavinsky of Thor Equities. Robbie Chattah and Aziz Kabbaj of Sitt Ventures handled Knotel’s side of the transaction.

“We are pleased to welcome Knotel to 590 and 597 Fifth Avenue, two of Thor’s most extraordinary assets,” Joseph Sitt, Thor’s chairman and CEO, said in a prepared statement. “Thor is thrilled to play a role in the company’s expansion and cannot wait to see what is next for Knotel.”This is not the first time the two companies have worked together. In 2018, Knotel took nearly 50,000 square feet at 530-536 Broadway in Soho, owned by Thor and Jeff Sutton, as CO reported at the time.