Knotel Signs 45K-SF Management Deal at Sapir’s 261 Madison Avenue

Office provider Knotel is taking just over than 45,000 square feet at 261 Madison Avenue after signing a “management deal” with the Sapir Organization at the Midtown East office tower.

Knotel agreed to lease the entire fourth and 18th floors and part of the sixth floor at the 28-story, 416,000-square-foot building between East 38th and East 39th Streets, the company announced today.

The office provider described the 45,070-square-foot deal as a “management” agreement rather than a lease—an arrangement that is similar to a typical office leasing transaction, but with differing financial terms.