The Hackney Wick Fish Island Cultural Centre, known as The White Building, will cater for local communities with studio space for artists, a café and canal side seatin.
A flexible community and event area will also feature, boasting views of the future Queen Elizabeth Olympic Park.
The Legacy Company is funding the refurbishment as part of the Olympic Fringe Programme which aims to improve community areas around the Park.
Space, an arts and education charity, with support from Bloomberg, will run and manage the centre on behalf of the Legacy Company with around 60 jobs expected to be created each year.
Andrew Altman, chief executive of the Olympic Park Legacy Company, said: "The White Building will bring communities together and create opportunities through arts and culture that will connect the Queen Elizabeth Olympic Park and the surrounding area. Legacy plans are more advanced than any previous Olympic host city and this is another example of how local people are already able to experience the benefits of the Games before they even start."
Mayor of London Boris Johnson added: "The White Building will be another feather in the cap of the fantastic cultural quarter we are creating in the Queen Elizabeth Olympic Park. Not only will this be a wonderful resource for communities and local artists, it will help drive new skills and jobs in the area. The imaginative use of a derelict print works to create something useful and inspiring for local people is exactly the kind of legacy we are hoping to build from the 2012 Games."