Flex Workspace Provider CommonGrounds Enters DC Market
This is the fourth lease CommonGrounds Workplace has signed this year, as part of the company’s $100 million Series A funding expansion program.
CommonGrounds Workplace has signed a lease at 1500 K St., NW for 29,509 square feet. The flexible workspace is slated to open early next year.
CommonGrounds collaborates with office owners to provide flexible coworking space. It has five US locations open with an additional five openings in Fort Worth, Houston, Los Angeles, Minneapolis and Portland expected this summer.
The 11-year lease signed at 1500 K St., NW covers the entire second floor and ground floor retail space. Last year, Grosvenor Americas completed a $20 plus million renovation of the eleven-story property.
The mixed-use office and retail building is located in DC’s Central Business District, next to McPherson Square.
This is the fourth lease CommonGrounds Workplace has signed this year, as part of the company’s $100 million Series A funding expansion program. The company announced long-term leases totaling just under 130,000 square feet in Atlanta, Los Angeles, and Seattle.
The company’s in-house design division will lead the design and oversee the renovation of the CommonGounds space. The architect of record will be BBGM.
Kevin Howard, Mark Klug, Lara Nealon and Dimitri Hajimihalis with CBRE represented Grosvenor Group. Jim Suber with Strategic Real Estate Advisory and Laurent Myers with Savills USA represented CommonGrounds in both lease negotiations.