CommonGrounds Inks Lease Deal for First Chicago Location
The San Diego-based firm plans to occupy a total of 30,783 square feet encompassing the entire second and third floors of the 38-story tower building in the latter part of the first quarter of 2020.
CHICAGO—A week after it announced it was entering the Philadelphia market, CommonGrounds Workplace reports it will open its flagship Chicago shared workspace location at the 33 N. LaSalle office tower early next year.
The San Diego-based firm plans to occupy a total of 30,783 square feet encompassing the entire second and third floors of the 38-story tower building in the latter part of the first quarter of 2020.
This is the seventh CommonGrounds Workplace lease signed in 2019 as part of the company’s $100 million Series A funding expansion program. The company announced long-term leases in Atlanta, Los Angeles, Philadelphia, Seattle, and two in Washington, DC earlier this year. There are currently nine U.S. locations open, with 11 additional locations scheduled to open in 2019 and in the first quarter of 2020.
“The Chicago Loop is the second-largest CBD and has limited flexible office solutions for the Fortune 1500 and Global 1000. Our Workplace-as-a-Service platform is cost-effective and delivers high-quality infrastructure, furnishings, and technologies that behaves like a company’s HQ, HQ2 or third place for their talent,” said Jacob Bates, CEO of CommonGrounds Workplace. “33 North LaSalle is perfectly located, recently renovated, and ready to serve as CommonGrounds’ fully activated Chicago flagship workplace.”
He adds that its deal at 33 N. LaSalle marks its first activated partnership with a landlord where it will run the event and meeting spaces for the entire building along with its workplace space.
The historic-rich, pre-war 402,000 square foot office tower, originally known as the American National Bank building, was constructed in 1928 and was fully renovated in 2016 while retaining the original architectural details. A secure bike room, 7,500 square foot fully loaded fitness center, large conference center, full bar, and catering kitchen, and golf simulator are just some of the available amenities at the tower that is located directly across the street from the Chicago’s City Hall. The building includes soaring 25-foot ceilings, two internal staircases and dozens of restaurants, hotels, retail and services within walking distance.
The renovation of the CommonGounds space will be overseen by the company’s in-house design division. Chicago-based Partners by Design is the architect of record. Sound abating demountable wall systems by Milan, Italy-based Tecno, and customizable enterprise-grade furniture by San Francisco-based Pair (MadeByPair.com) will be utilized in the workplace, the company reports.
Jon Cordell and Jess O’Hara with Newmark Knight Frank represented ownership. Jim Suber with Strategic Real Estate Advisory represented CommonGrounds in the lease negotiations.