Office Building Sells to National Coworking Company

COLUMBIA, SC, November 18, 2019 – The Paschal Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, is pleased to announced the successful closing of 1122 Lady Street in Columbia, South Carolina, according to Benjamin Yelm, regional manager of the firm’s Charleston office.

Adam Baker and Paul Paschal, investment specialists in Marcus & Millichap’s Charleston office represented the buyer, Chicago-based Novel Coworking in the off-market acquisition of the 12-story, 159,000-square-foot office property at the corner of Main Street and Lady Street.

With 35 locations throughout the United States, the acquisition is the first for Novel in South Carolina and places them in the heart of Columbia to capitalize on and contribute to the continued revitalization and growth of the Main Street District. Novel plans to improve the building’s common areas and tenant spaces to provide modern, affordable and flexible workspaces for companies of all sizes. Novel members will get 24/7 building access, a vibrant coworking lounge, direct fiber internet, all utilities, an espresso bar, local beer on tap, modern furnishings and community events included in rent. With monthly coworking memberships for $129 a month, private offices starting at $475 a month, and office suites as low as $210 per employee per month, Novel Coworking provides small businesses, enterprise firms and entrepreneurs with high-caliber amenities at an affordable price.

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About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.