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Knotel signs lease at 5 Hanover Square

CIM Group is the landlord

5 Hanover Square (Credit: 42Floors)

WeWork knockoff Knotel has signed a new lease (29,000 SF) at CIM Group’s 5 Hanover Square. The co-working startup continues to expand in Manhattan and around the world. 

Flashback: Knotel closed a $70 million funding round at a $500 million valuation this past April. 

How they did it: Copy Adam Neumann! With WeWork’s absurd $20 billion valuation, competitors simply follow Neumann’s strategy. The common flaw is the exposure to a downturn in the office market. 

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