Even More Co-Working and Flexible Office Space
WeWork and Knotel just keep growing, targeting similar corporate business tenants.
NEW YORK CITY—The trend is no longer the onesies, twosies, co-working clients, with free beer and ping pong in the collaborative open rooms. WeWork is continuing to grow its program launched last August, HQ by WeWork. This plan targets businesses with 11 to 250 employees. It’s similar to the clients Knotel is going after, companies with 100 employees or more.
WeWork just leased 45,000 square feet for its HQ by WeWork option, at 1410 Broadway between W. 38th and W. 39th streets. The space spans the eighth, ninth and 16th floors, with each floor having an average floor plate of 14,975 square feet. This location will open to members in the summer.
In this deal, Rick Doolittle and JP Howard of MHP Real Estate Services represented both the tenant WeWork and the landlord property owner LH Charney Associates.
Last week, WeWork leased 47,000 square feet across five floors at 145 W. 45th St. The 12-story office building stands between Sixth and Seventh avenues, near Times Square. The property owners are Aini Assets, Chetrit Group and Thor Equities according to Real Capital Analytics.
EVP at WeWork Arash Gohari is leading the leasing efforts for HQ by WeWork which now has over 35 locations in New York and San Francisco. The company states they intend to open these office spaces in the following markets: Boston, Denver, Berlin, Toronto, Amsterdam, Jakarta, Sao Paulo, Los Angeles, Austin, Shanghai and London.
Earlier this week Knotel announced it has added five new offices totaling 93,903 square feet in Manhattan.
The largest lease is for the fourth and ninth floors comprising 43,520 square feet at Orient Overseas Associates’ building at 88 Pine St. Ellie Reiss of Skylight Leasing represented Knotel.
Knotel subleased 27,404 square feet on the 25th and 26th floors at 1407 Broadway in Times Square. Colliers International’s Michael Cohen and John Pavone represented Knotel. Aquila Commercial’s Jon Wheless and Chris Perry represented the sub-landlord, Go-Daddy.
Represented by Cushman & Wakefield’s Doug Regal Knotel leased 9,979 square feet on the fourth floor of Winter Properties’ 26. W. 17th St. It also leased 7,500 square feet on the fourth, seventh and eighth floors at Moinian Group’s 29 W. 17th St., again represented by Reiss. Finally, represented in-house, Knotel subleased a 5,500-square-foot space on the 11th floor at 28 W. 25th St. with Flipboard as the sub-landlord.
In 2016, Knotel was founded in New York City. It has rapidly expanded with locations in San Francisco, Los Angeles, London, Paris, Berlin and Brazil.