The company managing a residential space in a Crystal City office building has filed for bankruptcy.
Common Living — the company in charge of the Common co-living space at 2221 S. Clark Street — filed for Chapter 7 bankruptcy on Friday, indicating plans to liquidate its assets. All company operations have been suspended, according to a news release.
“It is with a heavy heart that we announce the closure of Common,” said Luca Bovone, CEO of Habyt, Common Living’s Germany-based parent company. “The Common team has dedicated themselves to delivering innovative living solutions to our customers. It is deeply disappointing to end this journey, and we extend our heartfelt gratitude to Common’s employees, partners, and customers for their unwavering support over the years.”
The company referenced issues with insolvency — effectively running out of cash. Common has contacted tenants “to discuss the implications of the closure and to ensure a smooth transition,” the news release said.
Habyt will maintain a presence in “several buildings directly connected to [Common]” in cities including D.C., the release noted.
The company did not respond to a request for more information on the future of the Arlington location. JBG Smith, the property’s owner, declined to comment.
Common specialized in low-cost studios and individual rooms in three- and four-bedroom suites. Co-living spaces were fully furnished, came with shared amenities and had rates starting at $1,130 per month, with utilities included.
The aging office building has been housing residents since 2016, when coworking company WeWork’s ill-fated residential division WeLive finished renovating the property and began offering leases for 216 units arranged to emphasize communal space. The space traded hands in 2021.
Despite Common’s demise, more office-to-residential conversions may be in Arlington’s future. As the first portion of a major conversion project in Skyline opened last month, Arlington County staff are studying ways to adapt to high office vacancy rates by encouraging similar developments.
Development of the original WeLive project, a county spokesperson noted last month, “was prolonged and uncertain because there was no clear pathway for approval at the time.”
The only other notable office-to-residence conversion in Arlington, according to the county, is an older project at 220 20th Street S. in Crystal City.
