The Living Space building next to Waterloo Millennium Green - formerly run by Blackfriars Settlement - is to be managed by Bankside Open Spaces Trust for the next year.
Living Space opened in 2003 and was initially run as an internet cafe and youth centre by Lambeth Council.
In 2011 the centre was touted as an 'early adopter' of Lambeth's 'co-operative council' initiative and the management of the building was taken on by Blackfriars Settlement.
Now the Living Space has been taken on by Bankside Open Spaces Trust which also manages the adjacent Waterloo Millennium Green.
"BOST are here to help the community and we would love to see the centre as busy and vibrant as possible," said centre manager Nicola Desmond.
"We would like to work with local residents, volunteers and businesses to bring the playground and building back to life."
BOST has recently been awarded funding from the Coca-Cola London Eye Community Chest to run events for families and children at Living Space and the Millennium Green.
The two halls, meeting rooms and offices are available for hire.
A Lambeth Council spokesman told the SE1 website: "Bankside Open Spaces Trust have been granted a one year lease of the Living Space site in Waterloo.
"This is a short-term arrangement to enable continuity for the site users."
The spokesman added: "The site will remain in use until the council has completed a review of the longer term needs and opportunities in the area."
For the latest local news and events direct to your inbox every Monday, you need our weekly email newsletter SE1 Direct.