1407 Broadway
NEW YORK CITY—January has been an extremely busy month for Knotel. The flexible office space provider signed a lease with the Shorenstein Company for 28,405 square feet at 1407 Broadway.
Knotel will occupy multiple office suites in the 43-story, 1.1 million square-foot building, which is situated just south of Times Square between W. 38th and W. 39th streets. Shorenstein bought the office tower that was built in 1950 for $330 million in April 2015, according to Real Capital Analytics.
In the most recent lease negotiations, Bob Foreman of Shorenstein represented the landlord in-house. Knotel did not retain outside brokers.
This lease follows Knotel's January announcements of expanding more than 112,000 square feet in Manhattan, shortly after it leased over 60,000 square feet at RXR Realty's 61 Broadway. In the first month of the new year, Knotel also made headlines acquiring a majority interest in France's largest flex office operator, Deskeo.
Eugene Lee, global head of real estate & business development at Knotel, comments on the company's most recent deals: “These transactions demonstrate how we have already helped more than 50 owners in New York City provide flexible office solutions to growing companies while reducing vacancy and adding value to their buildings. Our firm continues to grow in the Midtown West submarket, and we expect to add many more locations this year.”
Since the beginning of 2019, the company has completed approximately 625,000 square feet in deal volume. This includes 225,000 square feet of new leases across Knotel's portfolio and 400,000 square feet with its Deskeo acquisition.
GlobeSt.com caught up with Knotel's co-founder and CEO Amol Sarva at the REBNY banquet. He shared a different perspective regarding what's around the corner. Watch for the upcoming video that will soon be posted on the GlobeSt.com website.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
