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.
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.
"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."
The two halls, meeting rooms and offices are available for hire.
"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."