Novel Coworking
Novel Coworking was an American provider of flexible offices, coworking space, and related workspace services that operated under the names Level Office and later Expansive.
Last updated August 26, 2026
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Overview
Novel Coworking was the former name of an American coworking and office-rental business now associated with the Expansive brand. The company focused primarily on small businesses, entrepreneurs, independent professionals, and satellite teams that needed furnished, flexible, and relatively short-term office space rather than conventional long-term commercial leases. Its offering combined private offices with shared coworking areas and operated from office properties in established downtown business districts. The business was founded in 2013 by Chicago entrepreneur Bill Bennett under the name Level Office. Bennett had conceived the idea several years earlier, in 2007, after experiencing difficulty finding suitable flexible office accommodation for an earlier business. The first center opened in September 2013 at 73 West Monroe Street in Chicago's Loop. Two additional Loop locations followed in 2014, establishing the company's initial operating model: acquire or control centrally located office properties and adapt them for smaller occupiers seeking managed workspace. The company expanded beyond Chicago in late 2014 and early 2015, opening two centers in downtown Houston and one in downtown Dallas. It added a seventh center in August 2015 in Charlotte's Uptown district. In December of that year, the business purchased Seattle's historic Pioneer Building in Pioneer Square and renovated its interior for private offices and coworking use. A Jacksonville location followed in February 2016 in the historic Groover Stewart Building. According to the referenced Wikipedia account, the network eventually reached 41 locations in 39 American cities. In August 2018, Level Office changed its brand name to Novel Coworking. The rebranding reflected the company's development from a Chicago-centered office operator into a broader national flexible-workspace platform. In June 2021, it rebranded again as Expansive. Accordingly, Novel Coworking is best understood as a historical brand identity within the same operating business rather than as a separate, unrelated coworking company. The business model was exposed to the structural pressures affecting the wider coworking and office-property sectors. The COVID-19 pandemic accelerated remote and hybrid work, reducing demand for conventional office occupancy and creating pressure on coworking utilization and revenue. The company also faced an adverse commercial-property environment characterized by higher office vacancies, declining valuations in some metropolitan markets, and rising interest costs on adjustable-rate commercial loans. These pressures were particularly significant because the company operated from, and in some cases owned or financed, office buildings whose debt obligations were tied to property values and occupancy performance. During 2023 and 2024, the referenced material describes foreclosure proceedings, foreclosure discussions, auctions, property transfers, and litigation involving several buildings connected with the business. These included properties in Denver, Indianapolis, Kansas City, Washington, D.C., Houston, Chicago, and Boulder. The reported events indicate substantial financial distress, but the available material does not establish a definitive bankruptcy filing, liquidation, or the exact current corporate status of the Expansive operation. The former Novel Coworking identity therefore represents a significant phase in the company's expansion and subsequent exposure to the post-pandemic office-market downturn.
History
Novel Coworking originated as Level Office, a flexible-office venture founded in Chicago in 2013 by entrepreneur Bill Bennett. The concept had been developed in 2007, when Bennett reportedly found that conventional office leasing did not provide the short-term flexibility needed by his first business. The first location opened in September 2013 at 73 West Monroe Street in Chicago's Loop. Two further Loop centers opened in 2014, giving the company an initial local cluster and a base from which to test its managed-office and coworking model. The company began a broader geographic expansion in late 2014 and early 2015. It opened two downtown Houston centers and one downtown Dallas center, extending the network into Texas. In August 2015, it opened a center in Charlotte's Uptown neighborhood. Later in 2015, the company bought Seattle's historic Pioneer Building in Pioneer Square. Rather than treating the property solely as a conventional office investment, it renovated the interior to provide private offices and coworking areas for smaller Seattle businesses. In February 2016, it added a Jacksonville, Florida, site in the historic Groover Stewart Building. The referenced Wikipedia material states that the network ultimately comprised 41 locations in 39 cities across the United States. In August 2018, the Level Office identity was replaced by Novel Coworking. The new name accompanied the company's continuing expansion as a national provider of serviced offices and shared workspace. Its customer base centered on small companies, entrepreneurs, and satellite office teams. Its facilities were generally positioned as alternatives to conventional leases, offering furnished offices, shared environments, and access to professionally managed buildings in urban business districts. The company changed its name again in June 2021, adopting Expansive. This means the Novel Coworking name describes a period in the history of the broader business rather than its final reported brand identity. The rebranding occurred during a period in which the flexible-office industry was dealing with the consequences of the COVID-19 pandemic. Remote and hybrid work reduced the amount of office space many businesses required, while coworking operators experienced pressure on occupancy, membership demand, and property economics. Expansive's exposure was intensified by its relationship with office properties and commercial mortgage financing. As office vacancies increased and interest rates rose, the value and cash flow of some buildings weakened. The available reference material reports financial distress from 2023 onward, including foreclosure proceedings concerning the 1801 Broadway building in Denver, foreclosure discussions relating to Indianapolis's Circle Tower, and a foreclosure auction involving a downtown Kansas City building. It also reports the sale of Washington, D.C.'s Longfellow building to Brightspire Capital at an estimated price substantially below the company's earlier acquisition price. Further reported events extended into 2024. A Houston coworking property in the Scanlan Building faced foreclosure action; the company surrendered a Chicago property at 420 West Huron Street after defaulting on a commercial mortgage; and Bill Co. Credit Union filed a foreclosure lawsuit concerning a building at 1495 Canyon Boulevard in Boulder after missed mortgage and interest payments. These events illustrate the interaction between the company's workspace business and the broader repricing of office real estate. The supplied sources do not establish a confirmed bankruptcy, a complete shutdown, or the precise present ownership and operating status of the Expansive business.
- 2021
Expansive rebrand
[1]The company changed its name from Novel Coworking to Expansive.
- 2018
Novel Coworking rebrand
[1]Level Office adopted the Novel Coworking name.
- 2016
Jacksonville location added
[1]A center opened in Jacksonville's historic Groover Stewart Building.
- 2015
Expansion into Texas and Charlotte
[1]The company opened centers in Houston and Dallas and later added a Charlotte location.
- 2015
Pioneer Building acquired in Seattle
[1]The company purchased Seattle's historic Pioneer Building and renovated it for private offices and coworking.
- 2014
Chicago network expands
[1]Two additional locations opened in Chicago's Loop.
- 2013
Level Office founded in Chicago
[1]Bill Bennett founded the company under the Level Office name.
- 2013
First center opens in Chicago's Loop
[1]The original center opened at 73 West Monroe Street in September.
- 2007
Flexible-office concept conceived
[1]Bill Bennett conceived the business idea after encountering difficulty finding flexible short-term office space for an earlier company.
Products and positioning
A flexible-workspace operator serving small businesses, entrepreneurs, and distributed or satellite teams through centrally located private offices and coworking facilities.
Flexible office space
Private offices
Furnished, managed offices intended for small businesses, entrepreneurs, and satellite teams. These spaces provided an alternative to conventional commercial leases by combining dedicated work areas with the operating infrastructure of a serviced office center.
Shared workspace
Coworking space
Shared workspace for individuals and smaller teams seeking a professional setting without committing to a full traditional office. Coworking areas formed part of the company's broader center-based offering in urban office buildings.
Office rental services · 2013
Managed office centers
Multi-tenant office facilities combining private suites, shared areas, and building-level workspace services. The company developed these centers in downtown and other centrally located properties across its American network.
Brand decisions
2021
Rebrand from Novel Coworking to ExpansiveStrategyBackground
The company continued to operate in the flexible-office sector during a period of major changes in office demand and work patterns.
Action taken
The company adopted the Expansive name.
Aftermath
Later reporting described the Expansive business as facing financial pressure connected with office vacancies, property values, and commercial mortgage obligations.
2018
Rebrand from Level Office to Novel CoworkingStrategyBackground
The company had expanded from its original Chicago base into multiple American markets and adopted a new identity for its national flexible-workspace business.
Action taken
The Level Office brand was replaced by Novel Coworking.
Aftermath
The business continued operating as a national coworking and office-rental provider until a further rebrand in 2021.
Recent events
- 2024
Foreclosure actions and property disputes broaden[1]
Lawsuit · Other
The referenced account describes additional foreclosure auctions, property surrender, and foreclosure litigation involving coworking buildings in Houston, Chicago, and Boulder, reflecting continuing financial pressure in the office market.
- 2023
Expansive faces property-related financial distress[1]
Bankruptcy · Other
The company encountered increasing difficulty servicing property debt amid remote-work trends, office vacancies, weaker valuations, and higher interest rates. Foreclosure proceedings involving a Denver office building were among the reported developments.
- 2021
Novel Coworking rebrands as Expansive[1]
Other
The business adopted the Expansive name, ending the Novel Coworking phase of its brand identity.
- 2018
Level Office rebrands as Novel Coworking[1]
Other
The company changed its operating name from Level Office to Novel Coworking as it continued expanding its national flexible-office network.
Sources2 sources
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