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Newmark’s acquisition of flexible office operator Knotel was approved by a Delaware bankruptcy court this week. Now, the brokerage firm is anticipating the sale to happen shortly.
Knotel filed for Chapter 11 bankruptcy in January after facing numerous lawsuits over missed rent and two rounds of layoffs during the pandemic.
“Flexible workspace has been one of the fastest-growing areas of commercial real estate, and we expect this adaptive model will play an important role in the future of our industry,” said Barry Gosin, CEO of Newmark. “As a global commercial real estate leader, Newmark believes that our nimble integrated platform, combined with Knotel’s capabilities, will provide superior management and consulting services to corporations and owners around the world. We look forward to completing our purchase of Knotel and welcoming so many of their talented professionals to Newmark.”
Newmark provided around $20 million in financing to Knotel, and also made a $70 million stalking-horse bid to acquire the company.
The brokerage said it would offer specifics on the financials for the acquisition during its first-quarter earnings call.
It is still unclear how many Knotel locations will continue to operate moving forward. However, Newmark has stated it will employ most of the 106 Knotel employees in New York City.
