Co-working space provider Knotel established its first Boston location at 239 Causeway Street, GlobeSt. reports. The 26,000 square foot location joins Knotel’s more than 570 co-working spaces in 16 cities around the world.
“Boston is the ideal fit for Knotel’s enterprise clientele,” Knotel Chief Investment Officer and Global Head of Real Estate Eugene Lee said in a statement. “We continue to see strong customer demand in that city, and we expect to be in many more buildings there in 2020.”
Boston Development Group owns 239 Causeway St., which is located less than a mile from Boston’s historic North End, according to GlobeSt. The new co-working office is also located near The Hub on Causeway, a 2 million square foot mixed-use development center, retail shops, movie theaters and TD Garden, the city’s premier sports and entertainment arena.
Knotel has opened more than 200 co-working offices since 2016 that total more than 4 million square feet, according to GlobeSt. The company currently has customers in New York, San Francisco, London, Washington, DC, Paris, Berlin, Toronto, Boston, Sao Paulo and Rio de Janeiro. Unlike other co-working office providers, Knotel doesn’t offer per desk or month-to-month deals. It provides private, full-floor workspaces that are geared towards a company’s, brand, culture and working style, according to Knotel. Clients usually stay in a Knotel space for at least two years.
Knotel’s recent expansion is a sign the co-working space industry is still thriving despite rival WeWork’s recent financial woes. Industry confidence was also on display when Knotel secured $400 million in additional financing in August to grow its footprint in its current markets and expand into the 30 biggest co-working office markets around globe.
“Knotel has demonstrated itself as a valuable partner to owners in more than two dozen office markets and we are excited to be their first partner in Boston,” Boston Development Group President Jodie Zussman said in a statement. “Several global enterprise tenants have recently migrated to North Station with the emergence of new Class A and unique, refurbished properties close to world-class amenities. With the arrival of Knotel, North Station continues to reflect what will drive economic vitality and attract top enterprises and workforce talent in the years to come.”