MakeOffices Reclaims Logan Exchange Co-Working Space Following Executive Shakeup
The Logan Exchange co-working space, opened in February by MRP Realty, will now join the MakeOffices portfolio.
D.C.-based co-working provider MakeOffices had originally partnered with MRP to acquire the building in 2015, but ultimately decided to let MRP manage the space and brand it as Logan Exchange.
Now following a leadership shakeup in which MakeOffices founder and CEO Raymond Rahbar was ousted and replaced by MRP principal Zach Wade, the space will be rebranded as MakeOffices at Logan Exchange.
The 32K SF co-working space sits in a 107-year-old building near Logan Circle at 1509 16th St. NW. It has offices that hold from one to 12 people and includes a lounge area with couches and televisions, a locker room with a shower, and a kitchen with coffee and beer on tap.
MRP spent $4M on renovations to the building before opening it in February. It has leased 60% of the space to companies such as Postmates, Starship Technologies and Mapbox.
MakeOffices opened its first location in Rosslyn in 2012 and has since expanded to seven D.C.-area locations, including Logan Exchange, three in Chicago and two in Philadelphia. It will open a 45K SF flagship location later this year at The Wharf, the $2.5B Southwest Waterfront development celebrating its grand opening on Oct. 12.
MRP invested in MakeOffices in 2012 and owns roughly 22% of the company. Along with one of the company's other investors, EagleBank CEO Ron Paul, MRP filed a lawsuit against Rahbar for improper management of the company and successfully ousted him from his role in May.
