Knotel Planning Ground-Up Gowanus Development, Hits 600K SF Milestone
On-demand headquarters provider Knotel has cracked 600K SF of new or planned space in the U.S. in 2017 with an entirely new sort of deal for the company.
Knotel on Monday announced plans to develop and co-own a mixed-use property at 473 President St. in Gowanus, a block and a half from the Gowanus Canal, which is in the midst of an EPA-led cleanup for its notorious pollution.
Knotel's development partner chose not to be named. The project will include office space, which Knotel will occupy in its entirety, as well as retail, a community facility and parking. The total project is expected to be between 150K and 300K SF, and although plans have yet to be finalized, Knotel expects to deliver the building by 2019.
“Gowanus is an up-and-coming office market that is becoming a commercial destination for entrepreneurs and startups," Knotel CEO Amol Sarva said in a statement. "We’re looking forward to being part of a larger push to develop the neighborhood into a desirable destination for a community of thriving companies.”
Though the 1M SF mark Knotel hoped to reach by the end of the year appears unattainable, the company still hopes to hit the number in short order. It reached 500K SF in November, soon after announcing plans for its flagship location in Union Square and accusing WeWork of corporate espionage.
Knotel and WeWork are among the most aggressive movers in New York's co-working and flexible office space market, but The Yard beat both of them to Gowanus in 2016. WeWork has yet to enter the neighborhood.