Meridian Group Partners With DC-Based Workspace Provider Cove
Bethesda, Md.-based developer The Meridian Group is partnering with workspace provider Cove to helm the experience management offerings and design custom headquarters for firms at three of the developer’s office buildings in the D.C. region, Commercial Observer has learned.
“Through our partnership with Cove, we are confident that we will meet the demands of the modern office worker,” Gary Block, the chief investment officer at The Meridian Group, told CO. Cove “put together the type of technology and hospitality-type offering we have been working to provide across our portfolio,” he continued.
The deal currently includes 1400 L Street in downtown D.C., and 1010 North Glebe Road and 2500 Wilson Boulevard in Arlington, Va. “We hope to expand this partnership to many of our other assets,” Block said.
D.C.-based Cove will serve as “the interface between all things tenant and the building experience,” said the firm’s co-founder Adam Segal. “That includes using our app to manage their workday, putting on free building events, as well as offering a la carte services like office management, IT management, food and beverage, and culture management like events and happy hours.”
Segal plans to expand the service to include at least 25 properties in the D.C. region.
Cove was cofounded by Segal and Jeremy Scott in 2013 as what they call a network of “neighborhood productive spaces,” which essentially offer hot desks to individuals. There are currently four locations in D.C. — in the 14th Street Corridor, Chinatown, Columbia Heights and Dupont Circle — and one location in Boston.
The company recently launched its coveHQ service that builds custom office spaces for small to mid-sized firms, as Commercial Observer recently reported. CoveHQs will be available in all three Meridian buildings, said Segal, noting that the experience management services will be available to all tenants in the building.
Meridian is also renovating the common space at 1010 North Glebe Road, also known as One Ballston Plaza, which will be turned into a traditional Cove location with coworking desks. The space will be accessible to both Cove members and the building’s tenants. The other two properties will also have common areas that can be used as a coworking space exclusively for tenants.
Currently, Cove offers two packages — unlimited access to all locations for $229 per month, and nights and weekends access for $79 per month.
With WeWork’s recent announcement of its IPO filing, Segal said Cove’s experience management service will put building owners at a better advantage to compete with major coworking providers. “This benefits owners because we drive higher rates, and it benefits tenants because they get a new, better experience.”