Flexible-workspace provider Knotel inked a deal to take 5,320 square feet in Midtown South, Commercial Observer has learned.
Knotel signed a 10-year lease for the entire fourth floor of 16 West 36th Street between Avenue of the Americas and Fifth Avenue, according to HSP Real Estate Group, which brokered the deal for landlord Windsor Management Corporation. Asking rent was $55 per square foot.
(Disclosure: Observer Capital, led by Observer Media Chairman and Publisher Joseph Meyer, is a Knotel investor.)
Knotel — which recently secured its 100th location in the Big Apple — plans to move into its new Midtown South space on Oct. 1, a spokeswoman for HSP said.
Howard Epstein of HSP represented Windsor Management in the transaction while Skylight Leasing’s Elie Reiss handled it for Knotel. Reiss did not immediately respond to a request for comment.
“Knotel’s model is extremely relevant to today’s work culture because it centers on tailoring space to the needs of individual businesses,” Epstein said in a statement. “A central location and full-floor availability made this building an especially compelling choice for this tenant.”
Windsor Management bought the 13-story 16 West 36th Street from The Praedium Group for $12.9 million in 2013, as CO previously reported. Other tenants in the 67,209-square-foot building include security company Summit Security Services, wine importer Cape Classics and insurance brokerage Compain Anderson Azar.