Co-working space startup Cove has shut down its K Street location, leaving it with six other spots in the Washington, D.C. area.
"Yes, unfortunately I can confirm the sad news that cove K St has been closed," Cove co-founder Jeremy Scott told DC Inno in an email. "This summer, we made a series of improvements to coves across the city — upgraded workstations, more call boxes, and separate focused and social sections for different kinds of work styles — and ultimately decided that we didn’t think we could bring our K St location up to our standard for the best member experience possible."
"[K Street was] a legacy location," Cove founder Adam Segal told DC Inno in an email. "Also it was part of the model in the first few years - we have actually opened twice as many locations as we have open now. [We] see what works well, moved to bigger ones, better understand different neighborhoods without big capital costs - we are now putting all those learnings into action."
This isn't the first time Cove has made a strategic decision to close down a location. Cove opened three spaces in Boston last year, but closed two of them as part of a strategy to focus on making the remaining one a better model for growth in that city. Though closures like this are often much more a financial matter, in this case that's unlikely, as Cove raised $3.4 million this summer, $6.2 million overall.
"The good news is that cove members in the area are well-supported by our South Dupont location that sits just 3 blocks away, as well as our other locations in the 14th St, Chinatown, Columbia Heights and Eastern Market neighborhoods," Scott wrote. "We’ve learned a tremendous amount from operating our first downtown location and its closing will enable us to focus on future growth and locations that deliver the full member experience. We are excited to extend cove’s offering to new neighborhoods and communities in 2017."
For those still looking for a co-working space on K Street, there are other options. WeWork has a recently opened office space there, MakeOffices opened up a brand new space there this month. And if there's one thing D.C. has, it's lots of co-working options.
