The original home of coworking space and incubator 1776 in D.C. — a 35,000-square-feet hub home to 45 companies — will be closing down at the end of the year.
1776 CEO Jennifer Maher said, in a statement released Friday, that the decision is rooted in the company’s business model shift. After it merged with Philly’s Benjamin’s Desk at the end of 2017, its focus shifted from “assuming lease liabilities to a managed service model.”
Per Maher, who long shared co-CEO duties with brother-in-law Anthony Maher, the company was unable to come to an agreement under our new management model.
“We look forward to finding another campus quickly in downtown D.C. to continue serving the entrepreneurial community and continue to further build upon our dynamic ecosystem,” Jennifer Maher said. “In the meantime, we will continue our operations in the Greater Washington region from our Crystal City campus.”
Chief Strategy Officer Penny Lee told Technical.ly via text message on Friday that no changes were expected for the company’s Philly operations in Center City, West Philly or Grays Ferry. The company’s growth strategy, Lee said, remains unchanged.
At the time of the merger, the combined company managed around 230,000 square feet between Philadelphia, its suburbs and the Greater Washington area.-30-
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