CIM Group is the landlord
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.