Canvas coworking space acquired by design agency HZDG - Technical.ly DC

Business

Mar. 2, 2015 7:04 am

Canvas coworking space acquired by design agency HZDG

Cofounder Marty Ringlein says it's a chance for the coworking space to grow — and not implode, like Affinity Lab did late last year.

Canvas Co/work is a 6,000-square-foot coworking space in Dupont Circle.

(Photo via Facebook)

Canvas Co/work announced today that it has been acquired by HZDG, a design firm based in Rockville, for an undisclosed amount. As part of the move, HZDG will take up 14 spaces in the Dupont Circle coworking space.

Canvas Co/work helped pioneer coworking in D.C., but had to reinvent itself to remain relevant, said nvite CEO Marty Ringlein, who cofounded Canvas in October 2011 with Alex Girón. “Things have changed a lot in a few years,” he said.

"Not only is it great for our existing team to have a place downtown, but we also know we'll attract new creative talent with this opportunity."
Karen Zuckerman, HZDG

After 1776 opened up in February 2013, new UberOffices and WeWork branches began popping up left and right. The 6,000 square feet of shared office space at Canvas began to appear quaint in comparison with those growing networks. “Coworking has just exploded and we saw that the need was no longer there,” said Ringlein.

Though Ringlein decided to step out, the acquisition of Canvas, he stressed, does not presage a looming shutdown. In December, Affinity Lab, another legacy coworking space in D.C., disintegrated when it was evicted less than two weeks after finalizing an acquisition deal. A group of Affinity Lab faithfuls have created an informal “Lab 2.0” at the WeWork Wonder Bread Factory.

On the contrary, Ringlein said the acquisition might lead to an expansion.

Advertisement

No current Canvas members will be pushed out, he added; HZDG will occupy free spots left by the usual lull in membership leading to SXSW. “They have the resources and the focus to push Canvas forward,” he said. Ringlein also believes the presence of the design firm will jibe well with Canvas Co/work’s community of creative freelancers who are often on the lookout for new assignments.

The deal began with HZDG’s interest in creating a presence inside the Beltway. “Not only is it great for our existing team to have a place downtown, but we also know we’ll attract new creative talent with this opportunity,” said the HZDG President Karen Zuckerman in a statement.

You must appreciate accurate, relevant and productive community journalism.  Support this sort of work from professional reporters with seasoned editors.  Become a Technical.ly member for $12 per month -30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Spaces is adding its third coworking location in Virginia

Accenture has acquired a Seattle-based cybersecurity company

Launch Workplaces is partnering with Montgomery County to manage two innovation centers

SPONSORED

DC

Building a data acquisition system? Don’t make this mistake

Washington, D.C.

The Washington Post

Site / Full Stack Engineer

Apply Now
DC

Dexibit

Technical Analyst

Apply Now
DC

Hybrent

Project Manager

Apply Now

sweetgreen has acquired Galley

Cvent has acquired a San Francisco-based mobile event app maker

Logi Analytics has acquired Zoomdata

SPONSORED

DC

This fast-growing SaaS company aims to be a force for change in the energy industry

DC

Leverage

Full Stack Engineer

Apply Now
DC

Bungalow

Operations Associate

Apply Now
Washington, D.C.

The Washington Post

Full Stack Developer

Apply Now

Sign-up for daily news updates from Technical.ly Dc

Do NOT follow this link or you will be banned from the site!