Lease signed at Grosvenor Americas’ 1500 K Street in Washington D.C.
The first flexible workplace in the market is slated to open Downtown in Q1 2020
CommonGrounds Workplace has signed a lease at 1500 K Street for 29,509 square feet and the flexible workspace is slated to open early next year.
CommonGrounds is an enterprise-grade, Workplace-as-a- Service company that collaborates with office owners to provide premium flexible coworking space for companies of all sizes in multiple U.S. cities. There are currently five U.S. locations open with an additional five summer openings in Fort Worth, Houston, Los Angeles, Minneapolis and Portland.
The 11-year lease signed at 1500 K Street includes the entire second floor and ground floor retail space which provides direct connectivity to K Street. In 2018, Grosvenor Americas completed a $20+ million renovation of the eleven-story heritage property. The extensive refurbishment included restoring the lobby and common areas, upgrading mechanical systems, improving exterior historic fixtures, enhancing the rooftop terrace and implementing a new fitness center.
The Class A mixed-use office and retail building is located in D.C.’s Central Business District, adjacent to McPherson Square and one block north of the White House on the K Street corridor. The location is easily accessible to both red and orange rapid transit lines connecting workers to Arlington, Virginia and Prince George’s and Montgomery Counties, Maryland.
“Washington D.C. is a powerhouse corporate destination,” said Jacob Bates, Chief Executive Officer for CommonGrounds Workplace. “We are thrilled to begin working with world-class, forward-thinking owner, Grosvenor Americas at 1500 K in this vibrant business district in our nation’s Capitol. With limited coworking operators and strong spec-suite demand, our premium move-in ready workplaces will be a welcome addition for companies of all sizes.”
1500 K Street represents the fourth 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 totaling just under 130,000 square feet in Atlanta, Los Angeles, and Seattle.
“Companies are solving workforce demands for flexibility and mobility with coworking and shared workplaces,” said Bates. “Our enterprise-grade hackable architecture, made possible with our exclusive demountable wall system, allows us to design and build out spaces nearly on-demand. This enables companies to respond to their business dynamics, customers, and team’s growth needs in real-time, setting us apart from alternative space solutions.”
“We are pleased to welcome CommonGrounds to 1500 K,” said Doug Jung, Grosvenor’s Senior Investment Manager, “Collectively, we strongly value tenant comfort and enjoyment which was a focal part of our refurbishment programme. Our progressive building designs and amenities will compliment the exciting updates planned for the CommonGround space.”
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. Sound abating demountable wall systems by Tecno, Milan, Italy, and enterprise-grade furniture by Pair, San Francisco, Calif., will be used throughout the workplace.
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.
