1776 is shutting down its Crystal City campus and bringing its DC location back - Technical.ly DC

Business

Jul. 8, 2019 4:27 pm

1776 is shutting down its Crystal City campus and bringing its DC location back

The prominent D.C.-based incubator is setting up shop in the McPherson Square area this year, the Washington Business Journal first reported.
There was a packed house at 1776 DC’s 2018 startup accelerator demo day.

There was a packed house at 1776 DC's 2018 startup accelerator demo day.

(Photo by Michelai Graham)

Prominent D.C.-based incubator 1776 is making a comeback in the District, and shutting down its Crystal City campus.

The company is setting up shop in the McPherson Square area near the White House, The Washington Business Journal first reported. The incubator didn’t share with WBJ when the move will be made, but it’ll happen this year. Lucas McCanna, 1776’s senior director of strategy, told WBJ that 95 percent of it’s Crystal City members will transition to the D.C. location once it opens.

McCanna told WBJ that 1776 is closing its Crystal City campus for the same reason it closed it’s original incubator space in D.C. in December: The incubator couldn’t reach an agreement over lease renewal terms with the building owner, in this case Arlington, Va.-based JBG Smith.

During 1776’s merger deal with Benjamin’s Desk in 2017, it shifted business models from “assuming lease liabilities to a managed service model,” CEO Jennifer Maher said at the time, which allows the incubator to expand and better manage its markets. With this shift in business model, 1776’s real estate strategy relies on partnerships with property owners to manage its spaces.

Though the company has been vocal about reopening a D.C. location, that may not be the same case for the Crystal City campus. Despite McCanna declining to say when all of these changes will occur, a 1776 member told WBJ that the incubator suggested that it will close its Crystal City campus at the end of August for good, as it prepares to open its D.C. location this month.

Advertisement

This news comes after 1776 announced that it is partnering with Ipsos to host a patient experience pitch competition for startups working to improve the healthcare patient and provider experience. The competition is set to be hosted at 1776 DC’s new location on October 17.

Companies: 1776
-30-
BECOME A CONTRIBUTOR TO THE JOURNALISM FUND TO COMMENT
Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

Two years ago, 1776 shifted its business model. How’s it going?

Here’s what 3 CEOs had to say about what makes their team dynamics unique

C’pher Gresham is transitioning to CEO at SEED SPOT

SPONSORED

DC

Verizon is looking for the brightest ideas on how to use its 5G technology

Philadelphia

Vistar Media

Sr. Software Engineer

Apply Now

Philadelphia

Vistar Media

Front End Engineer

Apply Now

Washington, D.C.

The Washington Post

Senior Full Stack Software Engineer

Apply Now

1776 is opening an incubator location in North Bethesda this winter

WeWork is expanding its Tysons location by 61K square feet

Meet Halcyon Incubator’s 11th cohort of social impact entrepreneurs

SPONSORED

DC

Escape the August heat with cool AI tech

Philadelphia, PA - Center City

Odessa

Business Architect

Apply Now

DC, SF, NYC

Nava

Experienced Software Engineer – Backend

Apply Now

Offsite

Philadelphia Home

Social Media Catalyst

Apply Now

Sign-up for daily news updates from Technical.ly Dc

Do NOT follow this link or you will be banned from the site!