Postsecondary Education is under increased scrutiny from key stakeholders regarding low student success rates and the relevance of a college degree. The published research and literature indicates that academic affairs and student affairs collaboration is a critical strategy to improving student learning and student success. This study aimed to contribute to the gap in the literature by proposing a research informed grounded theory to guide colleges and universities in redesigning their approach to collaboration. The study utilized a constructivist, grounded theory methodology that was motivated by two primary research questions: (a) What are the organizational conditions needed to create and sustain a Third Space Culture of Collaboration between academic affairs and student affairs? and (b) What is the role of senior-level administrators in creating and sustaining a Third Space Culture of Collaboration? Twelve senior-level administrators were interviewed to gain their perspective on strategies to create optimal organizational conditions for collaboration. This study also sought to understand the role of senior-level administrators in developing a culture of collaboration between academic affairs and student affairs. The research findings informed the development of the Third Space Culture of Collaboration theory which identifies four organizational conditions needed to create a culture of collaboration: Engaged Leadership, A Renewed Commitment to Student Success, a Third Space Collaborative, and Student Informed Support. The implications of this study may offer recommendations for senior-level administrators when leading institutional change towards collaboration. Additionally, the study provides considerations for government officials when drafting legislation regarding student success in higher education.