Gang and O’Toole arrange 12,500-square-foot lease for flexible workplace provider in TriBeCa
Gregory Gang, Executive Managing Director/Principal, and Catherine O’Toole, Executive Managing Director/Principal, of Lee & Associates NYC have arranged a 10-year, 12,500-square-foot lease on the entire third and fourth floors at 80 White Street for Knotel. The flexible workspace provider effectively services larger companies (of at least 50 employees) who would otherwise sign traditional leases, by offering them more flexible terms such as shorter commitment periods and more options to expand or scale back their space. The offices also come without Knotel branding, allowing companies to put their own stamp on the space.
“Knotel has been on the fast track to growth since the company was founded in 2016,” points out Gang, who represented the property owner, General Hardware Manufacturing Co, along with his partner, Catherine O’Toole. “TriBeCa is an enormously desirable neighborhood in which to work, meaning that this new Knotel location will be able to attract top-tier companies. I believe they chose 80 White Street both for the prime location as well as the accommodating ownership.”
To date, Knotel has raised $160 million and has been valued at $500 million. In the first quarter of 2019 alone, they signed one million square feet globally. Knotel has locations in New York City, San Francisco, Boston, Chicago, Los Angeles, Toronto, London, Berlin, Paris, Amsterdam, Dublin, Madrid and Sao Paulo.
80 White Street is located in a landmarked and historic district. The building has been fully gut-renovated and now boasts a brand-new electrical system as well as windows and elevators. Artists Space, the nonprofit contemporary art gallery and venue for industry events, occupies two floors in the building. Another tenant is The Bronx Museum of the Arts, which has a workspace and satellite exhibition venue in the building.
Knotel will move into the third and fourth floors in September 2019. Asking rent was $64 per square foot.
About Lee & Associates NYC
The New York office of Lee & Associates provides a full array of corporate advisory and commercial real estate services, including office and retail brokerage, sales and investments, and project and property management. The firm has more than 90 real estate professionals in its 845 Third Avenue headquarters office. Additional information is available at
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About Lee & Associates
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients.For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link our company blog.
