Novel Coworking Expands in Minneapolis
The company acquired its second office property in the metro—a nine-story building located in the Gateway District—from DCI Technology Holdings.
By Roxana Baiceanu
TriTech Center
Novel Coworking has purchased the TriTech Center, a nine-story office building in downtown Minneapolis. According to real estate data provider Yardi Matrix, the company paid $8.6 million to DCI Technology Holdings for the asset, with the former owner continuing to provide management services for the building. TriTech marks Novel’s second acquisition in Minneapolis, after the company purchased the four-story LaSalle Building.
The TriTech Center is located at 331 2nd Ave. S., close to the upcoming Cambria Hotel Downtown Minneapolis. The property offers more than 115,000 square feet of office and retail space, a 21,000-square-foot data center, as well as skyway connectivity. TriTech Center was built in 1982 and renovated three times since its delivery, with the latest upgrades added in 2014. Novel plans additional improvements for the asset, which will include all the amenities offered at its other Minneapolis location: 24/7/365 access to the building, fast direct fiber internet, an espresso bar, local beer on tap, modern workspaces and community events.
“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.
The glass-and-concrete building was half occupied at the time of sale. All tenants will remain at the location.
Image courtesy of Yardi Matrix
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