Knotel Strikes Deal for 261 Madison Ave. Space
According to the lease/management deal between the two firms, office space provider Knotel will occupy a total of 45,070 square feet of office space at the building.
NEW YORK CITY—Office space provider Knotel continues its expansion in New York City. The firm, which has a major presence in Soho, has signed a management deal with The Sapir Organization at 261 Madison Ave. for more than 45,000 square feet of space at the 28-story, 383,934 square-foot-building located between 38th and 39th streets.
According to the lease/management deal between the two firms, office space provider Knotel will occupy a total of 45,070 square feet of office space at the building. The deal, which is the first between Sapir and Knotel, involves the entire fourth and 18th floors and a portion of the sixth floor at 261 Madison.
Knotel has more than 60 locations totaling more than 1 million square feet in New York, San Francisco, London and Berlin. Founded in 2016, Knotel has raised $100 million in funding.
In April, Knotel announced $70 million in Series B financing led by Newmark Knight Frank and The Sapir Organization, which also included the Wolfson Group, the Moinian Group and Wainbridge Capital.
Last week, Knotel announced it has acquired commercial real estate search engine 42Floors.
In terms of its New York City growth, Knotel signed a 10-year, 17,000 square-foot lease in June comprising the entire seventh floor at the 22-story, 400,000 square-foot 560 Lexington Ave. building owned by the Rudin Family.
In April, Knotel inked a 45,000-square-foot lease at for the entire 19th and 20th floors at 360 Park Ave. South.