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Why rental arbitrage doesn’t work: Knotel vs. Industrious
Knotel, once gleeful over WeWork’s downfall, succumbed to the pressure of rental arbitrage last week by (finally) filing for bankruptcy.
In recent months, the startup led by CEO Amol Sarva faced mounting lawsuits alleging it stopped paying rent. In a Chapter 11 filing, the flex-office provider listed assets and liabilities between $1 billion to $10 billion.
The bankruptcy filing includes $20 million in financing to aid with Knotel’s sale to Newmark Group a deal that implies there’s a future for flex-office, just not as Knotel had imagined.
And then there’s Industrious. The Brookfield-backed startup, which signs management agreements with landlords, has 3 million square feet of space and plans to add another 1 million in 2021. It has opened three New York locations since the pandemic hit.
CLEAR s Latest $100mm Funding Round Fuels Expansion Strategy
Enlightened Hospitality Investments, 32 Equity (NFL s Investment Arm), PFNYC Headline Funding Round, Showcasing Range of Industries Committed to Company s Vision
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NEW YORK, Feb. 8, 2021 /PRNewswire/ CLEAR, the secure identity company, has completed a strategic funding round of $100 million headlined by Danny Meyer s Enlightened Hospitality Investments, 32 Equity (the investment arm of the National Football League (NFL)) and the Partnership Fund for New York City, showcasing the rapid expansion and evolution of CLEAR s partner universe. CLEAR has built a trusted reputation providing over 5 million members frictionless journeys across multiple industries. This investment will continue to accelerate the company s growth as a platform that transforms both physical and digital experiences to make it safer and easier for customers and partners.
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Industrious CEO Jamie Hodari (right). Inset (clockwise): TF Cornerstone’s Frederick Elghanayan, Vornado’s Steven Roth, LIVWRK’s Asher Abehsera, Thor Equities’ Joseph Sitt, and George Comfort & Sons’ Peter Duncan (Photo Illustration by Kevin Rebong for The Real Deal)
Flex-office provider Industrious is doubling down on New York at a time when the future of the office market and flex offices in particular is facing unprecedented uncertainty.
The company recently opened a 17,000-square-foot site in Midtown’s Carnegie Hall Tower, the third location it’s launched in the city since the pandemic took hold.
Industrious’ Carnegie Hall Tower space (Photo via Industrious)
New York-based Knotel, Inc. is a competitor to WeWork in the co-sharing office space market. Knotel filed for chapter 11 bankruptcy for its U.S. business. Real estate services firm Newmark Group Inc. agreed to takeover Knotel’s U.S. business. The COVID-19 pandemic and lockdowns devastated the co-working business model. Knotel was founded in 2016 and raised […]