Novel Coworking Opens 1st DC Location

The flexible space provider purchased the 190,385-square-foot office asset for nearly $74 million last summer.
Novel Coworking Dupont Circle
Novel Coworking Dupont Circle

Novel Coworking has opened its first location within the District of Columbia. Novel Coworking Dupont Circle occupies 190,385-square-foot property formerly known as The Longfellow Building.

The shared space provider acquired the Class A asset in July for $73.6 million, according to Yardi Matrix, taking a $65.4 million loan from Colony Capital. After the purchase, the new owner renovated the property to include private suites and shared space.

Previous owners of the property, located at 1201 Connecticut Ave. NW, had invested in updates to the building both in 1980 and 1989. The 12-story asset has 14,830-square-foot floorplates and 6,000 square feet of ground-floor retail. Novel invested in infrastructure improvements, adding direct fiber internet and customizing suites for 10- to 200-person teams.

The downtown property is two blocks from both Dupont Circle and Farragut Square in an area brimming with shops, hotels and restaurants. The location is easily accessible via public transport, with several bus and metro stations within walking distance. Ronald Reagan Washington National Airport is 4 miles south.

In February, Novel opened its third Virginia location. The company purchased the 55,237-square-foot building in Norfolk last May.