Penn State’s Board of Trustees met Friday afternoon and announced its renaming of the Innovation Hub downtown. Now, the building is called the Eric J. Barron Innovation Hub Building.

The 85,000-square-foot building is located at 123 S. Burrowes St. Each of its six floors have different focuses to aid new entrepreneurs.

“This renaming, at Penn State President Dr. Eric Barron’s final Board of Trustees meeting, reflects his significant commitment to leadership, entrepreneurship, and discovery during his tenure at the University,” Penn State said in a release. “His leadership spearheaded the Innovation Hub and LaunchBox launches at University Park and across the Commonwealth, leading to the creativity and discovery of countless business owners and businesses.”

The third floor is home to Happy Valley LaunchBox, a collaboration space built with resources to aid entrepreneurs in the early stages of development with a goal to “de-risk and accelerate” ideas.

At the same meeting Friday, the Board announced that Barry Fenchak, Christa Hasenkopf, and incumbent Ted Brown won alumni-elected seats on Penn State’s Board of Trustees.