CommonGrounds' Chicago flagship location slated to open in late Q1 2020
SAN DIEGO, Aug. 1, 2019 /PRNewswire/ -- CommonGrounds Workplace has signed a 10-year lease for 30,783 square feet at 33 N. LaSalle in the center of Chicago's financial district.
CommonGrounds is a national enterprise-grade Workplace-as-a-Service and coworking company collaborating with office owners and providing flexible space solutions and services for companies of all sizes. There are currently nine U.S. locations open, with eleven additional locations scheduled to open in 2019 and Q1 2020.
The lease at 33 North LaSalle includes the entire second and third floors of the 38-story art deco tower. Ideally located for both in-city and suburban commuters, 33 North LaSalle offers immediate Pedway access, is just steps away from multiple CTA bus stops and is centrally located to all three major Metra Rail stations. There are four conveniently located parking garages nearby with the Kennedy Expressway (I-90/I-94) easily accessible.
This is the seventh 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 in Atlanta, Los Angeles, Philadelphia, Seattle, and two in Washington D.C earlier this year.
"The Chicago Loop is the second-largest CBD and has limited flexible office solutions for the Fortune 1500 and Global 1000. Our Workplace-as-a-Service platform is cost-effective and delivers high-quality infrastructure, furnishings, and technologies that behaves like a company's HQ, HQ2 or third place for their talent," said Jacob Bates, chief executive officer for CommonGrounds Workplace. "33 North LaSalle is perfectly located, recently renovated, and ready to serve as CommonGrounds' fully activated Chicago flagship workplace. We strive to create collaborative partnerships with asset ownership, creating an activated asset that is more valuable, similar to what Emaar has done with their assets. This is our first activated partnership with a landlord where we will run the event and meeting spaces for the entire building along with our workplace."
The historic-rich, pre-war 402,000 square foot office tower, originally known as the American National Bank building, was constructed in 1928 and fully renovated in 2016 while retaining the original architectural details. A secure bike room, 7,500 square foot fully loaded fitness center, large conference center, full bar, and catering kitchen, and golf simulator are just some of the available amenities. Directly across the street from the Chicago's City Hall, the building includes soaring 25-foot ceilings, two internal staircases, and abundance of natural light, with dozens of restaurants, hotels, retail and services within walking distance.
"We offer the most comprehensive next-gen package of flexible office products, technology, and services that satisfy the needs of companies of all sizes," said Bates. "Our proprietary Hackable EnvironmentTM, enabled by our exclusive demountable wall system, allows us to be responsive to our member's growth and employee needs in real-time. We can quickly reconfigure our workplaces nearly on-demand for much less investment than traditional solutions while supporting individual work styles with high-efficiency layouts, which is an essential component of businesses ongoing success."
The renovation of the CommonGounds space will be overseen by the company's in-house design division. Chicago-based Partners by Design is the architect of record. Sound abating demountable wall systems by Milan, Italy-based Tecno, and customizable enterprise-grade furniture by San Francisco-based Pair (MadeByPair.com) will be utilized in the workplace.
Jon Cordell and Jess O'Hara with Newmark Knight Frank represented ownership. Jim Suber with Strategic Real Estate Advisory represented CommonGrounds in the negotiations.
About CommonGrounds Workplace
CommonGrounds Workplace is a Workplace-as-a-Service (WaaS) operator with flexible workplace products and services. The company's enterprise-grade, human-centric workplace typologies create highly productive and brandable environments for companies of all sizes.
CommonGrounds currently has locations open in Burbank, Denver, Fort Worth, Long Beach, Minneapolis, Portland, Salt Lake City, San Diego, and San Jose and an additional 11 under construction. To date, total leases and management agreements under contract comprise over 610,000 square feet.
CommonGrounds will expand its footprint to two million square feet across roughly 50 locations in the next 24 months. There are 11 U.S. sites actively under construction slated to open in 2019 or early 2020, with another 30 U.S. locations under development in primary and secondary markets.
Headquartered in San Diego, Calif., the privately held company completed its Series A funding in January 2019 totaling $100 million. Funding was led by Pacifica Enterprises, Inc., The Davidson Group, formerly Davidson and Associates, and Mohamed Alabbar, founder and Chairman of Emaar, one of the largest real estate development companies in the world, based in Dubai, United Arab Emirates. CommonGrounds was established in 2015. For more information, please visit cgworkplace.com.
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