CommonGrounds Workplace is going to Washington. The Carlsbad-based coworking company recently signed a lease to open a new, 29,509-square-foot site in downtown Washington D.C.
It’s the fourth lease CommonGrounds has signed since it raised $100 million in funding in January, which it plans to use to add 50 locations in two years.
CommonGrounds has grown rapidly since it opened its first location in Carlsbad in 2016. It has taken a strategy similar to major coworking companies, such as WeWork, in bringing on large corporations that are looking for flexible real estate options or a more modern office.
“Companies are solving workforce demands for flexibility and mobility with coworking and shared workplaces,” CommonGrounds CEO Jacob Bates said in a news release.
The $100 million investment from local real estate investment company Pacifica Enterprises should help fuel that effort. Since closing the round, CommonGrounds has signed leases in four locations, for a total of nearly 156,774 square feet. They include D.C., Atlanta, Los Angeles, and Seattle.
CommonGrounds is also working on opening a second location in San Diego, located downtown. It is slated to open in 2020, according to the company’s website.
The planned site in Washington D.C. will be located at 1500 K Street, occupying the entire second floor of the building and a retail space on the ground floor. CommonGrounds plans to open the workspace in early 2020. The building was recently renovated by real estate developer Grosvenor Americas.
“Washington D.C. is a powerhouse corporate destination,” Bates said. “We are thrilled to begin working with world-class, forward-thinking owner, Grosvenor Americas at 1500 K in this vibrant business district in our nation’s Capital.”