Novel Coworking Purchases San Jose Building

Novel Coworking, a shared office company based in Chicago, has purchased a six-story San Jose building for $42 million in an effort to provide office space for Silicon Valley’s employment boom.

“San Jose’s high concentration of revolutionary companies is impressive, and north San Jose in particular is an attractive growth area,” said Bill Bennett, founder of Novel Coworking.

Due to the demolition of almost 20 million square feet of office space in Silicon Valley which has led to tenant and investor demand in the area.

Redevelopment efforts in San Jose have attracted the likes of Apple, Google, Samsung and others, but the change has spelled trouble for small and mid-sized companies.