(Photo by Flickr user Ted Eytan, used under a Creative Commons license)
MRP Realty, a Georgetown-based real estate development firm, is getting in on the coworking game with the opening of its first space — Logan Exchange. The 32,000-square-foot space in the seven-story Logan Circle building opened last week, Bisnow reports.
If Logan Circle and coworking brings up a familiar, if distant, memory you’re right on the money — this is the building that locally-born coworking brand MakeOffices bought (in partnership with MRP) in 2015. At the time, MakeOffices viewed the location with flagship potential.
“It’s about where do you want to plant a flag for the next 30 to 40 years,” MakeOffices founder and CEO Raymond Rahbar said at the time. “Can you think of a cooler neighborhood?”
Now, apparently, that’s changed.
“When we bought the building two years ago, we were a different business,” Rahbar told Bisnow. “Now we focus on much larger co-working spaces that are more collaborative in nature with a certain aesthetic.”
So MakeOffices, which according to Bisnow owns one third of the property, decided to let MRP manage the space at 1509 16th St. NW.
MRP principal Zach Wade told Bisnow that the developer has been interested in getting in on coworking for a while. “We are using Logan Exchange as a laboratory to figure out how we can provide more value to our tenant customers and the overall community,” he said. He also added that company has plans for “multiple additional locations.”