Verizon is turning some unused urban real estate it owns into a new space for entrepreneurs.
The telecommunications giant is partnering with New York-based Alley on a space at 2055 L. Street NW. Alley DC Powered by Verizon space is set to open June 29.
Designed by Gensler, the 10,000 sq. ft. space will have a mix of open workspaces and private offices, as well as mural art by D.C.-based artist Rose Jaffe. There’s also space to host events like happy hours and panel discussions. Members at the space are vetted by Alley through an application process, which has “an eye for the growth of the community as a whole,” a statement said.
For Verizon, the coworking space offers a way to breathe new life into a space that isn’t currently in use. With developments in technology, the company doesn’t need as much space to house equipment. Coworking itself is a booming marketplace in the district. As a corporation with plenty of tech ties, Verizon also sees an opportunity to collaborate more with young companies.
“Verizon is excited about the expansion of our coworking initiative. Partnering with Alley gives us unique access to hundreds of startups that are working to shape their various industries,” Verizon Senior Vice President for Global Real Estate John Vasquez said in a statement.
For Alley, it marks the first wave of expansion outside New York. The company is also partnering with Verizon on a space in Cambridge, Mass., that is also opening at the end of June.