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.

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