National coworking firm buys building

Novel Coworking, a Chicago developer of coworking spaces nationwide, has purchased a downtown building at 345 W. Washington Ave.

According to a release, the company plans to renovate and modernize the five-story building, which has 95,000 square feet of space and comes with an on-site parking garage. Pre-leasing is already underway.

Novel Coworking operates 2 million square feet of workspace in 26 cities across the country.