Novel buys another Mpls. building for co-working office

(Image from TriTech Center website; courtesy DCI Technology Services, LLC)

The co-working rush continues.

Novel Coworking purchased the TriTech Center in downtown Minneapolis, the company announced Monday. It is Chicago-based Novel's second location in the Twin Cities after it opened its first shared office last month at the former Art Institutes building.

"The demand for flexible and budget-friendly workspace in Minneapolis has been impressive, and we're excited to be able to offer small businesses and entrepreneurs even more options downtown," said Bill Bennett, founder of Novel Coworking, in a statement.

Unlike many co-working providers, Novel (formerly Level Office) purchases its buildings instead of leasing space and then subleasing it to members. Novel leadership says this structure allows it to charge cheaper rates.

The TriTech Center, located on 4^th Street between 2^nd and 3^rd avenues, is close to 114,000 square feet. The nine-story building is half occupied with traditional lease tenants, who will remain.

The TriTech Center was sold by DCI Minneapolis Venture, LLC. An electronic certificate of real estate value wasn't immediately available Monday afternoon for the sale.

For example, New York-based WeWork recently announced it would double the space it will lease at the new MoZaic East office building in Uptown to more than 102,000 square feet. Later this month, a new space called "The Social" is scheduled to open in Rogers. Its founder Michael Colosimo calls it "both a co-op work space and a gathering place" with work stations, private meeting rooms, a cigar lounge, poker tables, and other games.