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Novel Coworking to Debut Fifth Chicago Location in River North

| Commercial Real Estate News, Coworking| Views: 0

Novel Coworking, the largest owner-operator of shared office space in the U.S. and Inc. Magazine’s third fastest-growing real estate company in 2017, is opening its fifth location in the Windy City.

The Chicago-based company has acquired the property at 405 W. Superior St. in the city’s River North neighborhood earlier this month, and plans to redevelop it to provide modern and affordable Chicago office space.

Pre-leasing at the new location is already underway for private offices, office suites, as well as coworking memberships. Members will benefit from amenities such as 24/7/365 access to the building and the coworking lounge, super-fast internet, an espresso bar, local beer on tap, modern furnishings, and access to community events included in the rental fee. Those who sign up for space at 405 W. Superior will also gain access to workspace in all the 20 cities that Novel Coworking currently serves.

405 W. Superior St., Chicago (courtesy of Yardi Matrix)

405 W. Superior St., Chicago (courtesy of Yardi Matrix)

The 7-story, 50,400-square-foot mid-rise building at 405 W. Superior St. was build in 2002 and currently includes 1,600 square feet of retail space, according to Yardi Matrix data. The asset is conveniently located within ¼ miles of a public transportation station, and is adjacent to Novel Coworking’s other River North location at 420 W. Huron St. That location opened in November 2017 and is currently fully occupied.

“We continue to see tremendous demand in Chicago from professional service firms and enterprise companies seeking flexible and affordable workspace,” Bill Bennett, founder of Novel Coworking, said in a statement. “Novel’s office suites have been especially well received by firms with 10-150 employees that outgrow WeWork, Industrious, Regus, and 1871, as we are able to provide flexible terms on move-in ready suites with a range of sizes that grow with companies. Unlike some competitors, we do not charge by the desk, so we never punish firms for growing within Novel Coworking.”

The company was founded in 2013 in Chicago under the name Level Office and rebranded as Novel Coworking in August 2018. Its first location was 73 W. Monroe in Chicago’s central Loop neighborhood. Since then, Novel Coworking has grown to operate 27 locations in 20 cities, including Boulder, Colo., Dallas, Denver, Houston, Phoenix, San Diego, and Seattle. The company caters primarily to entrepreneurs, small businesses and enterprise companies in need of flexible office space.

Membership options at Novel Coworking include private offices starting at $299 per month, office suites from $2,999 per month, as well as 24/7/365 coworking spaces starting at $99 per month. They also offer dedicated desks starting at $199 per month and virtual offices starting at $70 per month.

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