Novel Coworking, formerly Level Office, has acquired a nine-storey building in downtown Minneapolis, its second flexible workspace in the Twin Cities. The company is opening up an office on the first floor of the building, which will be home to about 100 people and feature a gym, conference room, lounge area and kitchen. The company’s business model, unlike many in the sector, sees it buying rather than leasing properties, which Novel claims allows it to sublet space to members at lower rates.
Novel Coworking, formerly Level Office, has acquired a nine-storey building in downtown Minneapolis, its second flexible workspace in the Twin Cities. Existing tenants in the TriTech Center, occupying half of the 114,000 sq ft space, will remain in the building. The company’s business model, unlike many in the sector, sees it buying rather than leasing properties, which Novel claims allows it to sublet space to members at lower rates.