CommonGrounds Workplace has signed a 13-year lease for 45,978 square feet at 915 Wilshire Boulevard in the heart of Los Angeles’ financial district.
The lease at 915 Wilshire Boulevard includes the entire seventh floor and a portion of the eighth floor of the renovated 22-story, 390,312 square foot building, which has easy ingress/egress to the 110 Freeway and is in close proximity to the 7th Street / Metro Center Station. The Los Angeles CommonGrounds Workplace is scheduled to open in Q1 2020.
This is the second CommonGrounds Workplace lease signed in 2019 as part of the company’s $100 million Series A funding expansion program. The company announced a long-term lease in Midtown Atlanta in early April. CommonGrounds also opened in Salt Lake City in March 2019.
“Downtown Los Angeles is experiencing an unprecedented bull market in attracting new developments and new companies looking to take advantage of its untapped potential. A new generation of experience economy companies are elevating the innovative, entrepreneurial dynamic in the country’s second largest city,” said Jacob Bates, Chief Executive Officer for CommonGrounds. “915 Wilshire is strategically located, amenitized and ready for full activation of CommonGrounds’ enterprise-grade Workplace-as-a-Service and Headquarters-as-a-Service platforms.”
915 Wilshire was recently completely renovated with a new contemporary look and feel, including a tenant lounge and outdoor amenity deck on the same floor as CommonGrounds, along with a newly renovated lobby and an on-site restaurant. There are unobstructed views of the Los Angeles skyline, with an above standard parking ratio and dozens of restaurants, hotels and wellness options within walking distance.
CommonGrounds is an enterprise-grade Workplace-as-a-Service company collaborating with office owners and providing flexible space solutions and services for companies of all sizes in multiple U.S. cities. There are five U.S. locations currently open, including the first Los Angeles County CommonGrounds Workplace that opened in 2018 at 145 W. Broadway in Long Beach. Two additional Los Angeles area locations are expected to open later this year in LaBrea and Burbank.
“Our future Los Angeles CommonGrounds Workplace will be able to fulfill the underserved and growing flexible office needs of the next generation worker and companies including those within the Fortune 1500 and Global 1000,” said Bates. “As a former corporate workplace executive, we have a first-hand understanding of the needs of corporate real estate clients. CommonGrounds’ fluid and adaptable enterprise-grade, human-centric environments host the latest technology, including the leading-edge in data security, and options for worklife integration and wellbeing. This allows us to provide a service-rich environment that fosters productivity by removing friction and enabling our customers to reconfigure the workplace to accommodate growth and their personal work styles needs.”
Other tenants in the building include Regency Centers, Framework Studios, California Commercial Bank, AECOM, and U.S. Army Corp of Engineers, among others.
Kent S. Handleman and Douglas J. Brown with Lincoln Property Company represented the owner. Jim Suber with SREA Advisory and Gibran Begum with Newmark Knight Frank represented CommonGrounds in the negotiations.