{"id":1004274560,"date":"2018-10-25T04:30:14","date_gmt":"2018-10-25T12:30:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004274560"},"modified":"2022-12-09T00:30:03","modified_gmt":"2022-12-09T08:30:03","slug":"knotel-closes-60m-funding-led-by-norwest-venture-partners","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/knotel-closes-60m-funding-led-by-norwest-venture-partners\/","title":{"rendered":"Knotel Closes $60M Funding Led by Norwest Venture Partners"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

\"Jeff<\/a>

Jeff Crowe, Norwest Managing Partner<\/p><\/div>\n

Knotel, a leading flexible office space service, has closed a $60 million round of funding led by Norwest Venture Partners.<\/p>\n

As part of the investment, Norwest Managing Partner Jeff Crowe will take a seat on Knotel\u2019s board. Norwest has already backed hot companies such as Opendoor, Uber and Spotify.<\/p>\n

\u201cAgile workspaces represent the next generation of corporate offices, and Knotel is the clear leader of this movement<\/em>,\u201d Crowe said in a prepared statement.<\/p>\n

The new round of financing brings Knotel\u2019s total backing to $160 million. Existing investors include Newmark Knight Frank<\/a>.<\/p>\n

The fresh cash comes as Knotel continues to expand. Currently it offers \u201cfull-floor, fully-serviced, branded office space<\/em>\u201d at nearly 100 locations in New York, San Francisco, London and Berlin.<\/p>\n

In the past six months, the company has more than doubled its footprint to a total of approximately 1.7 million square feet. Knotel reports that it\u2019s on track to exceed $100 million in revenue run rate by year\u2019s end, with mature locations operating at 90 percent occupancy.<\/p>\n

More space, growing niche<\/h2>\n

By calling itself a \u201cprovider of agile workspaces for companies<\/em>\u201d and explaining that it \u201cdesigns and manages agile office space for established and growing companies<\/em>,\u201d Knotel takes pains to set itself apart from coworking companies. But is the distinction valid?<\/p>\n

An August report from Cushman & Wakefield called Coworking and Flexible Office Space: Additive or Disruptive to the Market? suggests that it is. The report compares coworking with what it calls \u201cspeculative office,\u201d both of these in contrast to traditional office space.<\/p>\n

As might be expected, speculative office\/flexible office is intermediate between coworking and traditional space, offering its own combination of turnkey space with high potential for branding, typical lease terms of four to six years, and recurring costs that are lower than coworking space, yet higher than traditional space.<\/p>\n

Whatever its blend of pros and cons, right now Knotel\u2019s platform seems to be thriving.<\/p>\n

In May, Knotel took a seven-year lease for 23,000 square feet<\/a> in Manhattan\u2019s NoMad neighborhood. Later in September, the company signed four leases\u2014two new ones and two expansions<\/a>\u2014totaling nearly 32,000 square feet, also in Manhattan. And in October, Knotel inked a 28,820-square-foot, two-full-floor lease<\/a> in Lower Manhattan.<\/p>\n

Image courtesy of Norwest Venture Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The \u201cagile workspace\u201d provider sought the financing to expand its global footprint, which now stands at more than 1.7 million square feet. <\/p>\n","protected":false},"author":882,"featured_media":1004274569,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,23891,21742,21747],"tags":[32799,42248,36007],"class_list":["post-1004274560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-national","category-latest","category-office","tag-cushman-wakefield","tag-knotel","tag-newmark-knight-frank"],"acf":[],"yoast_head":"\nKnotel Closes $60M Funding Led by Norwest Venture Partners - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/knotel-closes-60m-funding-led-by-norwest-venture-partners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Knotel Closes $60M Funding Led by Norwest Venture Partners\" \/>\n<meta property=\"og:description\" content=\"The \u201cagile workspace\u201d provider sought the financing to expand its global footprint, which now stands at more than 1.7 million square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/knotel-closes-60m-funding-led-by-norwest-venture-partners\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-25T12:30:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:30:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Jeff-Crowe.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/knotel-closes-60m-funding-led-by-norwest-venture-partners\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/knotel-closes-60m-funding-led-by-norwest-venture-partners\/\",\"name\":\"Knotel Closes $60M Funding Led by Norwest Venture Partners - 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