Novel Coworking is expanding to Madison after purchasing a building at 345 W. Washington Ave., the company announced recently.

“Madison’s professional services job growth is impressive, and we are excited to offer local business owners and enterprise companies flexible, budget-friendly, workspace with great amenities in a fantastic location,” Novel Coworking Founder Bill Bennett said in a statement.

According to a release, the 95,000-square foot building was acquired on Oct. 1 and will be renovated to provide modern and affordable workspace. Memberships will range from $99-$499 a month.

No timeline of the coworking space’s opening was announced.

Novel Coworking is headquartered in Chicago. Some of its other locations include Minneapolis, Denver and Cincinnati.