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Loop Office Space Offers Small Businesses Place to Set Up Shop, Owner Says

By Quinn Ford | August 4, 2014 5:30am
 Level Office, a company providing office space to small businesses and entreprenuers, opened its third Chicago location this past April at 318 W. Adams St.
Level Office
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THE LOOP — For small businesses and start-ups, finding office space in the Loop can be tricky.

At least that's what Bill Bennett found when he started his real estate business in 2007. Bennett said nicer buildings pushed for long-term leases and more affordable spaces were cramped and dingy.

"I basically wanted to be in a great location, have affordable rent and be in a cool space, and I just didn't find it," he said.

So Bennett founded Level Office, a company that creates private and communal working spaces for budding businesses. Level has opened three locations in the Loop since September.

Quinn Ford says the office space allows start-ups to reduce overhead costs:

With both private offices and co-working spaces like those found in technology incubators like 1871, Level can serve as a sort of stepping stone for businesses that have grown past their infancy, Bennett said. Many tenants are technology companies, but Bennett said the businesses who rent space come from "across a broad range of industries."

"Many of them are legal firms, hedge funds, consulting firms, professional service firms," Bennett said. "We still have a fair amount of entrepreneurs, but they're more mature businesses than would be found at an incubator like 1871."

The idea, Bennett said, is to "give small companies big company amenities" like conference rooms, private offices and event space while still maintaining common work areas where businesses have a chance to collaborate.

This past April, Level opened its newest location in the Loop at 318 W. Adams St. Last year, the company reportedly bought four floors of the 19-story building for $2.6 million.

So far, 10 firms have rented space at the location, which boasts a 7,500 square foot common area on the 16th floor. Offices also have a dedicated fiber line and can boast a 1 gigabyte per second Internet speed, Bennett said.

Rent is upwards at $350 per month with private offices starting at $699 per month, which includes Internet, phone and furniture.

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