Betamore will leave its space in Federal Hill this month.
Within the next couple of weeks, the nonprofit plans to move out of the 8,000 sq. ft. hub for entrepreneurs and technologists on the fourth floor at 1111 Light St., cofounder Greg Cangialosi said.
Betamore opened a new space within City Garage in Port Covington last year that offers room for close to 100 people. That space has housed events and classes offered by the organization. Current members in Federal Hill are being given the option to move to City Garage, and most are doing so, Cangialosi said.
Betamore has been working to sublet the 1111 Light St. location in recent months, Cangialosi said. As Baltimore Business Journal reported, commercial real estate firm Newmark Knight Frank listed the space for sublease.
The campus opened in 2012, offering space for startup and entrepreneurs to work, classes and events. It immediately became a central gathering point for the city’s tech community. Cangialosi called it “great space,” but said the expense was “hard to justify as a nonprofit.”
“Our lease ends in February 2019 and we haven’t had an intention for some time to renew it,” he said.
The four-story building at 1111 Light St. includes offices, housing and retail, MacKenize Commercial, a separate commercial real estate firm, is working to find tenants for up to 8,000 sq. ft. of space on that floor, according to a press release. Tech companies could still be in the mix.
“1111 Light is ideal for a range of uses including smaller, start-up firms looking to attract a young and energetic talent pool; or established firms looking to expand their footprint, adding a location that is central to the Baltimore Metropolitan market,” a statement from MacKenzie Real Estate Advisor Allison Perry said in the press release.
The second floor is home to offices of cybersecurity company Forcepoint, which it added upon acquisition of RedOwl Analytics last year.
Asked about the future of the company’s presence at 1111 Light St., a Forcepoint spokesman said, “Forcepoint enjoys the 1111 Light Street office in Baltimore and it has been a great office for our operations. We are always looking for optimal locations for our employees to conduct their best work in human-centric cybersecurity.”
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