Novel Coworking Pays $13M for Columbia Office Asset

The company will renovate the downtown asset that will house its first South Carolina location.
1122 Lady St.

Novel Coworking has acquired 1122 Lady St., a 159,013-square-foot office building in Columbia, S.C. Yardi Matrix identified the seller as Rockford Capital Partners. The property changed hands in a $12.7 million deal funded by a $13.5 million loan provided by United Texas Bank.

The new landlord plans to renovate the 12-story building and open it as its first South Carolina location. Upgrades will include the addition of fiber internet and customized suites for 500-person teams. Private offices are available for pre-leasing. Coworking memberships will include 24/7 building access, access to a lounge, espresso bar, local beer on tap, modern furnishings and community events.

Built in 1975, the property is located in the downtown area and offers easy access to the University of South Carolina campus and the South Carolina Statehouse. The Cantina 76 restaurant sits across the building alongside a wide array of retailers, banks, hotels and mass transportation options.

Novel Coworking’s expansion plans call for new offices across the entire country, as well as the acquisition and repositioning of office buildings in urban areas.