Knotel Leases 17,248 at the SoHo Building
The WeWork competitor takes a full floor in its first rental agreement with SL Green.
NEW YORK CITY—Knotel has leased the entire second floor at SL Green Realty Corporation’s 13-story, 295,000 square-foot office building located at 110 Greene St. This is Knotel’s first agreement with the REIT known for being a giant in New York City office leases.
“We are excited to be partnering with SL Green, one of the city’s largest and most prestigious landlords,” says Eugene Lee, global head of real estate and business development at Knotel. “110 Greene St. is a premier SoHo address, given its convenient location and easy access to transit.” He notes the expansion reflects Knotel’s commitment to providing non-traditional workspaces in New York City. The lease is for 10 years plus a five-year renewal option.
Located on Greene Street, between Prince and Spring streets, the building is in the heart of SoHo. Founded three years ago, Knotel’s New York City’s portfolio totals over 1.5 million square feet. The company has plans to expand to two million square feet by the end of the year.
Elie Reiss of Skylight Leasing represented Knotel in the transaction, while SL Green was represented in-house.
Starting in New York City, Knotel has expanded to San Francisco, London, Los Angeles and Berlin. It has more than 100 locations, with offices geared to companies with 50 employees or more. Its competitor WeWork has more than 280 locations in 77 cities around the world. SL Green also issued a release which included information on WeWork’s signing a new deal to expand by 29,388 square feet at 2 Herald Square. WeWork’s client Amazon currently already occupies 122,903 square feet at that SL Green location.