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CommonGrounds Workplace Signs 10-Year Lease in Seattle

| Commercial Real Estate News, Coworking, Leasing| Views: 0

CommonGrounds Workplace inked 31,781 square feet of space at 1100 Dexter Avenue North, a five-story office building in Seattle’s buzzing South Lake Union neighborhood.

The coworking company signed a 10-year lease in the 213,283 square-foot building. The lease encompasses the first floor and a portion of the second of the 1997-built brick and glass building.

1100 Dexter Building, Image courtesy of Yardi Matrix

“The location is situated across the street from Facebook and within walking distance of Amazon, Google, Gates Foundation, Fred Hutchinson, and the new Apple offices,” said Jacob Bates, CommonGrounds Workplace CEO. “This type of atmosphere attracts some of the best and brightest.”

South Lake Union has become home to many Silicon Valley and life sciences companies during the area’s redevelopment. Once full of warehouses, now the neighborhood boasts numerous residential communities, restaurants, retail, and transit—all within walking distance of the workplace.

Part of the company’s $100 million expansion program, this is the third CommonGrounds Workplace lease signed in 2019. The flexible space and coworking solutions company announced long-term leases in April in Midtown Atlanta and Los Angeles‘ financial district. CommonGrounds also launched in Salt Lake City in March 2019 and is preparing for summer openings in Fort Worth, Houston, Minneapolis, and Portland.

“We have designed and built CommonGrounds workplaces for all users with the craftsmanship, enterprise-grade technology, and quality finishes to act as an extension for a major corporate occupier. Our environment, security, technology, and services are what they would expect in a first-class headquarters,” said Bates. “We are able to accommodate a larger team’s unique space requirements. Our proprietary demountable wall systems allow us to modify spaces, infrastructure, and furnishings within weeks rather than months.”

The South Lake Union workplace is slated to be open in late April 2020 and will serve over 400 members.

Jim Suber with Strategic Real Estate Advisory and Eric Blohm of Savillis represented CommonGrounds in the negotiations. Greg Inglin and Laura Ford with Colliers represented the leaser, Stockbridge Capital.

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