One of the more controversial flexible office operators in the industry is looking to make a comeback.
Over one year after it was bought out by Newmark, Knotel will open a new location in Miami’s Wynwood neighborhood.
With the help of developer Morabito Properties, Knotel has signed a seven-year lease to take up 46,000 square feet of the Wyncatcher building, a former warehouse.
Last year, Knotel was brought back from the depths of bankruptcy by Newmark following massive expansion and cash burning.
Now, the operator is looking to reemerge and redeem itself as demand for flexible offices gains traction in the post-pandemic work era.
The building is expected to open March of 2023, almost exactly two years following Newmark’s acquisition of Knotel.
“Flexible office space occupancy in Miami is at an all-time high, allowing newly migrated entrepreneurs and companies to enter the market and grow as needed,” said Scott Wadler, managing director at Berkadia, which helped arrange the $11 million loan to reconstruct the building.