CommonGrounds CEO Jacob Bates and 915 Wilshire Boulevard (Credit: LinkedIn)
Co-working firm CommonGrounds Workplace has signed a 13-year lease deal to open a location in Downtown Los Angeles, adding to the number of co-working companies in the area.
The firm will occupy nearly 46,000 square feet at a recently renovated office building at 915 Wilshire Boulevard, according to a company statement.
Lincoln Property Company owns the building in Downtown’s financial district, dubbed NineFifteen. The landlord recently completed a $6 million renovation of the 385,600-square-foot high rise, which includes an on-site restaurant and outdoor amenity deck. Other tenants include AECOM, Regency Centers, California Commercial Bank, among others.
Kim Handleman and Douglas Brown represented Lincoln Property in-house. Jim Suber of SREA Advisory and Gibran Begum of Newmark Knight Frank represented CommonGrounds.
Hot on the heels of a $100 million Series A funding round, CommonGrounds has been on an expansion tear. Its new Downtown location will mark the fourth in the county for the San Diego-based firm, and second lease this year.
CommonGrounds first opened a location in Long Beach last year. It will open two more in La Brea and Burbank by the end of the year.
Co-working companies led area office leasing in L.A. in the first quarter, with WeWork largely leading the pack. The co-working giant signed leases totaling 319,000 square feet in the first quarter, bringing its total occupancy in the county up to 2 million square feet.