Venture X JV to Open Coworking Space
This is the first flexible office property in this suburban D.C. county.
Vast Coworking Group’s Venture X, in partnership with the Prince George’s County Economic Development Corp. and the Prince George’s Chamber of Commerce, will open the first coworking office space in Prince George County at 5825 University Research Court. The 13,989-square-foot location is enclosed within COPT Defense Properties’ University of Maryland Research Park, a Class A, 118,600-square-foot building in College Park, Md.
The grand opening comes not long after New State Capital ‘s acquisition of Vast Coworking Group earlier this month, as a carve-out from United Franchise Group. The transaction was the buyer’s second platform investment from its $700 million Fund IV.
The flex office features 60 private offices with a capacity for one to five people, as well as a shared coworking space, two conference rooms, a training room and a lounge that also serves as an event space. Building amenities include a parking area with EV charging stations.
A closer look at University Maryland Research Park
The University of Maryland Research Park came online in 2007 on an 8-acre site. The LEED Silver-certified property consists of a four-story building featuring 29,000-square-foot floorplates. The tenant roster includes Optimal Solutions Group, Maryland APEX Accelerator, Mid-Atlantic Crossroads and the University of Maryland.
The office building is less than 2 miles southeast of the University of Maryland campus, as well as adjacent to Greenbelt Park. Downtown Washington, D.C. is some 8 miles southwest.
Recent coworking trends bring forward the idea that, as companies rebalance their footprints, flex operators expand beyond gateway cities, to secondary and tertiary markets, to reach distributed teams. These suburban locations are specifically designed to meet enterprise demand, especially since hybrid work continues to shape the sector, as well as employers and landlords’ strategies for returning to the office.
