CBRE to Oversee Leasing and Marketing for CommonGrounds
Salt Lake City—The Salt Lake office of CBRE today announced that they are teaming up with CommonGrounds Workplace to market and fill their newly opened Workplace-as-a-Service and coworking location in downtown Salt Lake City. Located at 132 South State Street in the historic Orpheum Theatre, CommonGrounds has restored and repurposed the building as a flexible workplace. David Bauman, Kreg Peterson and Brad Davis with CBRE are overseeing the project.
The downtown Salt Lake City workplace is the first to open as part of the company’s $100 million Series A expansion program. Native to Salt Lake City, CommonGrounds’ CEO Jacob Bates transformed the entire 19,792-square-foot three-story location while preserving the façade to maintain the building’s historic significance for the community. The workplace is built out with several video-enabled meeting spaces, pantries on each floor, and a dedicated barista in the large communal entry. Extensive technology upgrades to the building’s IT and infrastructure include dual-provider gigabit-speed internet with enterprise-grade security, among others. The company held a grand opening in March of this year to introduce the newly renovated site to the market; the building is currently 35 percent occupied.
David Bauman, director, commented, “Utah has long been known as an innovative state, and this characteristic can be seen in the number of startups the area produces. CommonGrounds saw the benefits of adding Salt Lake City to their quickly growing footprint to tap into the advantageous business climate and support the highly skilled workforce that resides here. At CommonGrounds, companies will find beautifully functional workspace to provide their employees with a cutting-edge office environment.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CommonGrounds Workplace
CommonGrounds Workplace is a Workplace-as-a-Service (WaaS) operator with flexible workplace products and services. The company’s enterprise-grade, human-centric workplace typologies create highly productive and brandable environments for companies of all sizes.
CommonGrounds currently has seven locations in Denver, Long Beach, Salt Lake City, Minneapolis, Portland, San Diego, and San Jose, with summer openings in Burbank, Fort Worth and Houston. CommonGrounds will expand its footprint to two million square feet across roughly 50 locations in the next 24 months with additional openings scheduled for late 2019 and 2020.
Headquartered in San Diego, Calif., the privately held company completed its Series A funding in January 2019 totaling $100 million. CommonGrounds was established in 2015. For more information, please visit cgworkplace.com.