Knotel has acquired 42Floors, a top search engine for commercial real estate. The deal will give Knotel access to data and technology on over 10 billion square feet of office space, driving further liquidity to Knotel's marketplace while also accelerating its plans for a blockchain platform.
The news comes in the wake of Knotel's acquisition of the German workspace operator Ahoy!Berlin in June, as it pushes deeper into Europe. Since its founding in 2016, Knotel has inked more than one million square feet of office serving high-growth and enterprise companies across New York, San Francisco, London, and now Berlin, a rate over 2x faster than its largest competitor. In New York's Chelsea neighborhood alone, Knotel has been responsible for nearly 30% of all deal activity since January.
While the company has been growing at a furious rate operating custom offices for big businesses, its intent to develop a blockchain signals wider ambitions to serve the real estate industry.
42Floors built a powerful tool to organize a dark market that hasn't changed in a hundred years, says Amol Sarva, Co-Founder and CEO of Knotel. It's still backroom and bilateral while the rest of the world is becoming digital and standardized. This is what leads to transactions that take months to close with a dozen middlemen - no reliable information. You can buy a house faster than you can rent a floor. Partnering together will help give owners and customers what...