University of the Arts buildings in Philadelphia for sale following September bankruptcy filing
The University of the Arts' nine-property, 760,000-square-foot campus portfolio in Center City Philadelphia is now up for sale after the university filed for Chapter 7 bankruptcy in September. In a release Monday, the commercial real estate company JLL announced it would be managing the sale of nine buildings, five of which are considered "historic."
JLL said the portfolio can be purchased in its entirety or separately, buying buildings on an individual basis.
"Almost all of the properties offer mixed-use zoning, allowing for a variety of future uses. Many will likely become apartments, but the campus offers an array of opportunities," Fran Coyne, JLL senior managing director, said in the release.
The University of the Arts campus, located along South Broad Street between City Hall and South Street, includes the following properties: Arts Bank, Anderson Hall, Hamilton Hall, Furness Hall, Juniper Hall, Gershman Hall, Terra Hall, Arts Alliance and Spruce Hall. Current uses for the buildings include office spaces, performance and theater venues, libraries, galleries, residence halls, apartments, cafés and classrooms.
A senior managing director for the company positioned the sale as a "generational opportunity to reshape the heart of Philadelphia's [central business district]."
Following the school's abrupt closure in June, students were left scrambling to find alternative education plans. Many found a home at Temple University. Others, caught by surprise, received their diplomas by mail, realizing they no longer had to finish their degrees.
