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Two New York-based companies in the business of flexible office space have announced a partnership that reflects their different ambitions.
Knotel, which manages and leases customized headquarters spaces on demand, has agreed to a partnership with co-working operator Grind wherein the latter will refer businesses too big for its spaces and encourage its growing members to expand with Knotel. In exchange, Knotel will refer interested parties who require smaller offices to Grind.
Part of the deal also involves Knotel acquiring Grind's location at 419 Park Ave. South, which it will fold into a NoMad campus involving its 373 and 475 Park Ave. South locations. It is the latest in a rapid-fire year of acquisitions and deals from Knotel, which has doubled its footprint in New York to over 400K SF this year and hopes to hit 1M SF by the end of the year, thanks to a $25M Series A investment it announced in February.
Along with the Park Avenue acquisition, Knotel also announced a 10-year, 25K SF lease it signed at The Moinian Group's 55 West 21st St. Knotel expects to eventually lease the entire building.
Other locations announced in the past month alone include:
28K SF on the second floor of 114 West 26th St. in Chelsea
29K SF at 137 Varick St. in SoHo
The aforementioned 17K SF at 373 Park Ave. South
26K SF across three floors at 9 Times Square
Knotel also opened its first location outside of New York this month, in San Francisco, and anticipates entering other markets before too long.
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