CommonGrounds co-working expands in LA with new Downtown lease

The firm, fresh off a big funding round, signed a long-term deal

Apr.April 25, 2019 10:00 AM
CommonGrounds CEO Jacob Bates and 915 Wilshire Boulevard (Credit: LinkedIn)
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.

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