CommonGrounds Inks 46 KSF Lease in LA
- Apr 26, 2019
CommonGrounds Workplace has signed a 13-year lease to take 45,978 square feet at 915 Wilshire Boulevard, a 22-story, 390,312-square-foot building in Los Angeles.
The company will take the entire seventh floor and part of the eighth floor of the recently renovated building. The deal marks the second CommonGrounds Workplace lease signed this year as part of its $100 million Series A funding expansion program. In early April the firm announced a long-term lease in Atlanta, after it opened a new location in Salt Lake City in March.
CommonGrounds will manage the amenity deck for the building owner, Lincoln Property Co., and all of its tenants through CG+, its proprietary app. This includes general use of the communal spaces, conference rooms and educational and special event programming.
“915 Wilshire Boulevard has plenty of appeal as CommonGround’s first location in downtown Los Angeles,” Jacob Bates, CEO of CommonGrounds Workplace, told Commercial Property Executive. “The building just went through a significant renovation, including the indoor/outdoor amenity deck, adjacent to the CommonGrounds Workplace on the 7th floor.”
The building’s tenant roster also includes Centers, Framework Studios, California Commercial Bank, AECOM, and U.S. Army Corp of Engineers.
Expanding in LA
Located in the heart of Los Angeles’ financial district, the property offers convenient access to the 110 Freeway and is nearby the 7th Street / Metro Center Station.
“In Los Angeles, the nation’s second largest city, this is the district that new economy companies want to be in,” said Bates. “The proximity to the freeway, public transportation and the nearby amenities make it a highly desirable building for businesses of all sizes to grow their success by attracting and retaining talent.”
CommonGrounds Workplace is planning a multi-million dollar renovation of its new LA space and is projected to open in the first quarter of 2020.
Newmark Knight Frank’s Gibran Begum, along with Jim Suber with SREA Advisory, represented CommonGrounds in the transaction, while Lincoln Property Co.’s Kent Handleman and Douglas Brown represented the owner in the deal.