29 W. 35th St./ Image by Google Maps
NEW YORK CITY—Knotel signed a lease to occupy 39,000 square feet, five floors at United Group's 29 W. 35th St. in Midtown. The 12-story, 85,237-square-foot building is situated between Fifth and Sixth avenues. Close to Herald Square and Penn Station the property that was originally built in 1911 now finds itself in the midst of a bustling Midtown South, an area achieving record high rents according to Cushman & Wakefield's 2018 Manhattan office research.
Knotel notes as of 2019 it has completed more than 2 million square feet of deals in Manhattan, and is planning additional expansions in the upcoming weeks.
“Landlords and occupiers alike are seeing flexible office as the new normal—a valuable way to manage their portfolios and real estate requirements,” says Eugene Lee, global head of real estate and business development at Knotel. He adds the company will continue to aggressively grow in and beyond New York City.
Colliers International's Michael Cohen, John Pavone and Jessica Verdi represented Knotel. United Group was represented in-house by Roni Mova.
Founded in New York City three years ago, Knotel today provides offices to more than 200 clients in not only the Big Apple but also in San Francisco, Los Angeles, London, Paris, Berlin and São Paulo.
This latest deal adds onto Knotel's completing more than 625,000 square feet in deal volume since the beginning of the year. This statistic encompasses 225,000 square feet of new leases across Knotel's portfolio and 400,000 square feet with its acquisition of a controlling interest in Deskeo, France's largest flexible office operator.
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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.
