Colliers International Brokers Sale of City Center in Norfolk

City Center Novel Coworking, LLC, based in Chicago, has purchased City Center, a 54,944-square-foot building at 223 E. City Hall Avenue in downtown Norfolk. J. Scott Adams, CCIM, president of Colliers Virginia and Perry Frazer, managing director of Colliers International’s Norfolk office, represented the seller, LNR Partners, LLC based in Miami, in the transaction. 

“We are pleased to bring an out-of-market investor to our market to maximize the sales price for our client,” said Adams. “The Colliers reach helped our client and helps our market to lead to significant additional capital investment in the property.” 

Novel Coworking plans to convert the vacant 3rd and 4th floors to coworking space to serve the small business community of Norfolk. This is the first coworking firm based outside of Virginia to enter the Hampton Roads market. 

Major renovations are planned for the building as well as common areas. The transformed space will offer fully furnished, amenity-rich workspaces with direct fiber internet and WIFI. The space is ideal for small businesses, entrepreneurs, professionals and enterprise companies looking for an impressive new office space. Options include private office, office suite, dedicated desk, coworking membership, virtual office or daily office.

“This interest in Novel Coworking to operate in Norfolk is part of a national trend,” said Frazer. “We’re seeing interest from new-to-the-market companies that provide these flexible work spaces. Large corporations have been ideal tenants for coworking space as they offer flexible options that do not require long-term commitments. They are also ideal for start-up businesses that can’t commit to a long-term expense obligation. The location allows businesses to collaborate as part of a bigger environment. This trend will continue in our region. Additionally, this new investor helps reposition the building in the dynamic downtown Norfolk office environment.” 

Novel Coworking opened its first location in Chicago in 2013. After three locations in Chicago, the company added locations in Seattle, San Diego, Denver, and Charlotte. It also has Virginia locations in Alexandria and Richmond. Founded by Bill Bennett, the company expects to open 50 Novel Coworking locations in cities nationwide by 2020. Novel Coworking’s current users range from law firms to growing marketing agencies to non-profit organizations looking for inexpensive space. For more information, visits www.novelcoworking.com. 

City Center was built in 1987. It is situated in the middle of Norfolk’s commercial district and adjacent to light rail, MacArthur Center, restaurants, retail and other office buildings. The building includes ground-floor retail space that is fully leased.