The team at essensys have generously shared an un-gated recording of their recent webinar on innovative ways to drive revenue via tech with TWIC subscribers. Hear from essensys’ Kurt Patrick as he chats with Christmas Marquez-Correa at Flexspace, Mike Kriel from Launch Workplaces and Adrian Simpson at The Yard.

Kurt Patrick shared that Launch Workplaces were featured in a story regarding the historic Watergate Office Building.

The building, which is actually on sound footing and 90% leased, had a delinquency alert issued in December for their $73M CMBS loan. However the issue was just administrative, and funds were successfully transferred in early Jan.

As for Launch? They took a 10-year lease on the same floor that once housed the Democratic National Committee HQ, which was notoriously burglarized in 1972 and eventually led to the resignation of President Richard Nixon. Talk about a space with a lil’ bit of history.

Mike Kriel shares how Launch Workplaces worked with a landlord to convert a suddenly-vacant floor into a coworking space, for just $8 per square foot. By assessing what was already in place, and what needed to be done (paint, carpet, tech, small appliances, etc), they turned a vacant 25k sqft floor into a ready-to-go shared workspace business.

Once again, as experienced operators, you’re primed for opportunities in helping landlords activate their suddenly empty floors. Excited to keep following your, Mike’s and Launch’s progress in activating more spaces as office supply skyrockets.

Mike Kriel from Launch Workplaces shares some notes from conversations with two building owners who’ve been managing their own coworking spaces for 4+ years. Even with 60% occupancy, and taking up less than 20% of the entire building, when they tried to refinance their building lenders told them they consider the coworking space as ‘vacant space’.

Is this something you’re seeing lenders/appraisers in your part of the world? I feel this should be shifting in the shadow of flex taking its place in more and more commercial real estate product offerings.