WorkSuites, a coworking space operator, is opening a location in Craig Ranch under the company’s new name of “Lucid Private Offices.”
Flip Howard, founder and CEO, said in a statement, “Before we begin our national expansion and open two new locations out of state next year, we want to get our name right. Lucid Private Offices delivers upscale private offices, and the name clearly conveys our position in the market. The name WorkSuites didn’t suggest premium private offices…We felt like our name was holding us back from being perceived as what we are.”
The new McKinney location includes more than 30,000 square feet on the third and first floors of the office tower.
This year, the company has plans for spaces with 100,000 square feet at four Texas sites; the locations include furnished offices, conference and team rooms, coworking spaces and a full-service coffee lounge, according to The Dallas News.
“Our growth strategy over the next few years is to continue our strategy from the past few years, which is 20-25% annual growth using only existing cash flow and not taking on additional debt or equity,” Howard said. “We had been trying to trademark WorkSuites for over three years and were told it was not trademarkable because it was merely descriptive, so that made changing our name an easy decision.”