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Wednesday, August 02, 2017
New York-based shared office concept to put Texas hub in Arts District
A New York-based shared office concept is bringing its first upscale coworking concept to the Dallas Arts District with the help of Dallas developer Craig Hall, who recently invested an undisclosed sum in the company.
Along with being an investor, Hall will be the landlord for Serendipity Labs Coworking, which plans to open its 29,000-square-foot Texas hub on the 17th floor and ground floor of KPMG Plaza at Hall Arts.
"Everybody works somewhere and somehow," CEO John Arenas told the Dallas Business Journal."One of the things we are clear about is we are an alternative to office space and offer a different way of working together with other companies.
"We have large companies, like American Express and Pandora, opting not to do conventional office space for leases under 5,000 square feet — and that's a big shift," Arenas added. "The future is here and it's not just putting you in an unusual party palace that is really cool with a bunch of 20-somethings."
The Arts District hub includes the entire 17th floor of KPMG Plaza with a roughly 3,000-square-foot office on the ground floor next to the sculpture garden to encourage walk-up coworking. The shop-like front in Hall Arts will help Serendipity host speaker series-style events, training and seminars.
The expansion is helped by Serendipity's recent capital investments, which include franchise operations, totaling more than $125 million of capital to help develop its network of offices. Hall declined to disclose his investment in the coworking operation, but said he was compelled to invest based on his own entrepreneurial background.
This kind of workplace helps spur innovation, support worker mobility and recruit top talent, Hall said, adding that Serendipity's high-level of hospitality helped seal the deal.
The hub-like office in the Dallas Arts District will serve as a launching pad for other Serendipity Labs Coworking offices in North Texas. Last year, the company announced plans to open nine locations in the region.
"We think there is enough pent-up demand in Dallas-Fort Worth to justify eight really good locations," said Doug Denman, president of Worth Coworking. "We have begun looking at the markets we will want to be in."
With several growing suburbs to choose in the region, Denman said he plans to go after key locales to attract the upscale office worker. He declined to disclose the exact locations being scouted, but said Fort Worth, the Mid-Cities and the northern suburbs were all in play.
And it doesn't mean Serendipity is heading to other Hall-owned properties.
"We have relationships with a variety of different kinds of partners and investors, but we don't have any exclusive relationships," Denman said. "We will stack them up next to each other and look at the market."
The 17th floor at KPMG Plaza will give Serendipity's initial North Texas location views throughout Dallas' skyline and will help solidify the coworking concept's upscale brand in the region, he added.
Arenas agreed, adding this will help set Serendipity apart from any perceived competition with other coworking concepts.
"Because of what we are providing and our ability to extend a corporate enterprise culture, we believe we stand alone in that market," he said. "Instead of having a tech startup team that needs an office for eight people working shoulder-to-shoulder and re-renting square footage, we are able to deliver a full spectrum of different memberships that fit the work styles of members."