Global commercial real estate advisory firm Newmark Knight Frank (NKF) announced today that popular flexible creative office space provider Knotel has leased 15,834 square feet at 260 West 39th Street and 16,975 square feet at 259 West 30th Street. The company will occupy a combined 32,809 square feet of space across five floors in the two buildings, which share loft-style architecture.
NKF Vice Chairman William Cohen, Director Jarad Winter and Associate Director JD Cohen represented ownership, MJ Orbach Associates.
A Colliers team comprising Vice Chairman Michael T. Cohen, Managing Director John Pavone and Associate Jessica Verdi represented Knotel.
260 West 39th Street is a 19-story building with boutique 10,365 square feet floor plates and an efficient center core layout consisting of exposed ceilings, polished concrete floors and new tenant installations. 259 West 30th Street is a 17-story building that boasts a new lobby, newly prebuilt full floors with creative installations and natural light on all sides with unobstructed western views of Hudson Yards and the river.
“The West 30s’ office market offers excellent value to its tenants, it has excellent access to transportation, abundance of new upscale retail and restaurants and affordable rents,” said JD Cohen. “Ownership was able to lease a large portion of their current vacancy to Knotel in order to provide Creative space to technology, advertising, media and information tenants seeking loft like work spaces on flexible basis.”
The transaction also represents an uptick in taking rents along the side streets within this submarket, where more and more quality tenants are attracted to the well repositioned assets within the area.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
