DEAL OF THE WEEK
The historic Scanlan building gains more co-working space
Chicago-based Level Office has expanded its co-working space inthe historic Scanlan building, 405Main.
Aiming to land tenants seeking modern offices at an affordable price, the company has out fitted the seventh floor of the 80,000- square-foot building with work areas and amenities. That brings its co-working space to about a third of the 11- story building, which offers about 100 offices plus additional suites for companies with 15 to 50employees.
Partof the company’s business model is to own its buildings and put money into upgrades that an individual small business would have a hard time affording. In the 405 Main building, the IT infrastructure alone cost $200,000, according to Bill Bennett, founder of Level Office.
Having more control over costs by owning the real estate allows the company to offer rents that often are lowerthan someof its competitors who provide officespace, Bennett said.
Level Office contains a mix of private offices, lounge areas, conference rooms and event space as well as areas for making an espresso or pouring a locally brewed beer. Everything is wired and fully furnished, with administrative support onsite.
Rents are typically less than traditional officespace, with co-working memberships starting at $199 a month and private offices starting at $349 a month. Level Office also books offices by the day or week.
The expansion comes as the company’s original Houston location, which opened at 720 Rusk downtown last year, approaches full occupancy.
Level Office has looked for other locations around the Texas Medical Center and the Galleria, but for now is focused on filling up 720 Rusk and expanding 405 Main, Bennett said.
Designed by Chicago architect D. H. Burn ham& Co., the Scanlan building was completed in 1909. In addition to the Level Office spaces, tenants span more than 40different industries.