CommonGrounds Workplace has signed a 10-year lease for 30,783 square feet at 33 N. LaSalle Street in Chicago. The workplace-as-a-service and coworking company currently operates nine U.S. locations, with eleven additional locations scheduled to open in 2019 and Q1 2020.
Jon Cordell and Jess O’Hara with Newmark Knight Frank represented ownership. Jim Suber with Strategic Real Estate Advisory represented CommonGrounds in the negotiations. The renovation of the CommonGounds space will be overseen by the company’s in-house design division, with Chicago-based Partners by Design acting as the architect of record.
“The Chicago Loop is the second-largest CBD and has limited flexible office solutions for the Fortune 1500 and Global 1000,” 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 lease at 33 North LaSalle includes the entire second and third floors of the 38-story Art Deco tower. The historic, 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. Amenities include a secure bike room, fitness center, large conference center, full bar and golf simulator.