CommonGrounds Signs 29K SF Lease in Downtown DC
By Christina sturdivant-Sani July 10, 2019 2:03 pm
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CommonGrounds Workplace has signed an 11-year, 29,509-square-foot lease at 1500 K Street NW in Downtown Washington, D.C., according to the flexible workspace provider.
CommonGrounds will occupy the entire second and ground floor retail spaces of the 11-story property which is owned by investment firm Grosvenor Americas, per a statement from CommonGrounds.
The firm uses an “exclusive demountable wall system” to design and build out spaces “nearly on-demand” to address “workforce demands for flexibility and mobility,” Jacob Bates, the CEO at CommonGrounds, said in prepared remarks. “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.” The San Diego-based firm currently has five locations in the United States and plans to open five new U.S. outposts this summer, per the release.
The D.C. location is slated to open in early 2020. “Washington D.C. is a powerhouse corporate destination,” Bates continued, adding that the company’s “premium move-in ready workplaces will be a welcome addition for companies of all sizes.”
In 2018, 1500 K Street NW underwent a $20 million renovation that included restoring the lobby and common areas, upgrading mechanical systems, improving exterior fixtures, enhancing the rooftop terrace and constructing a new fitness center, per the statement.
“Collectively, we strongly value tenant comfort and enjoyment which was a focal part of our refurbishment program,” Doug Jung, a senior investment manager at Grosvenor, said in the statement. “Our progressive building designs and amenities will complement the exciting updates planned for the CommonGround space.”
A Grosvenor spokeswoman would not provide the asking rent at the property. The deal closed in April 2019, she said.
Kevin Howard, Mark Klug, Lara Nealon and Dimitri Hajimihalis of CBRE (CBRE) represented Grosvenor Group while Jim Suber of Strategic Real Estate Advisory and Laurent Myers of Savills USA represented CommonGrounds in the transaction. The brokers did not respond to Commercial Observer’s request for comment.
