Montgomery County is turning over management of the Silver Spring Innovation Center to the recently-launched coworking division of a Maryland-based real estate company.
With the deal, Launch Workplaces is planning a renovation of the SSIC, which provides office space for startups, shared amenities and events. Launch Workplaces, which is a division of Edgewater, Md.–based The Brick Companies, will assume a three-year lease for the space.
The space is one of three centers run by the Montgomery County Department of Economic Development. In 2016, BioHealth Innovation assumed management of centers in Rockville and Germantown.
“The transition to a private sector management firm is part of the County’s new strategy to foster private sector involvement when it comes to attracting and retaining businesses and growing the economy,” Montgomery County Executive Ike Leggett said in a statement.
As Technical.ly Baltimore previously reported, Launch Workspaces formalized the division after opening a handful of coworking spaces in Maryland, including Bethesda and Rockville. Under the new offering, CEO Mike Kriel said it’s looking to step in and run coworking spaces on a managed services model, whether it’s an existing space or a building owner looking to open a new offering. In this case, the name of the space will be changed to Silver Spring Innovation Center powered by Launch.
The 20,000 sq. ft. space has room for about 20 companies. According to info provided by a Launch spokesperson, the renovation aims to refresh the look and functionality of the space. While plans are still in the works, the scope of work calls for open coworking space, conference rooms, offices, an open kitchen concept, and new technology. An expected timeline was not immediately available.
The innovation center also offered companies incubation services, and Kriel indicated Launch Workspace would continue to add programming.