The University has sold the Archer and Donahue buildings as of July 1 in preparation for the upcoming move to its new academic home at 20 Somerset St.
The buildings were sold for $43.5 million under an agreement that allows the University to remain as a tenant in both buildings under terms of a lease with the purchaser, JDMD Owner.
Proceeds from the sale will be used for campus enhancements, including renovations to Sargent Hall to accommodate Sawyer Business School graduate programs and changes to the 73 Tremont St. and Sawyer buildings to accommodate academic, student, and office needs.
"The sale of these buildings is an important step in providing students with technology-enhanced classrooms that encourage collaboration and innovation," said Suffolk University President Margaret McKenna. "The sale also provides resources for us to make important campus improvements that will foster exciting new working relationships among faculty, students, and programs."
Suffolk's new academic building at 20 Somerset St. is a $62 million, 110,000-square-foot facility that will feature general-use and science classrooms, a cafeteria and multiple lounges, and an adjacent outdoor gathering space for students, staff, and neighbors at the renovated Roemer Plaza.
JLL Capital Markets, led by Managing Director Frank Petz, represented Suffolk University in the transaction and also procured the buyer.
The University sold the Fenton Building and Annex on Beacon Hill a year ago as part of its long-range facilities planning in advance of opening the new academic building for the fall semester.