JLL has been retained by the Chapter 7 Trustee to market for sale the nine properties owned by The University of the Arts
News release
03 November 2024
Generational redevelopment opportunity for sale in Center City Philadelphia
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PHILADELPHIA, Nov. 4, 2024 – JLL announced today that it has been retained to arrange the sale of The University of the Arts portfolio, a nine-property, 760,000-square-foot campus located in Center City, Philadelphia.
JLL is marketing the real estate for sale on behalf of the Chapter 7 Trustee of The University of the Arts. The sale process is designed to maximize value for the stakeholders in the University’s bankruptcy case. The portfolio may be purchased in its entirety, as a combination of properties or on an individual basis.
Of the nine buildings, five are designated “historic”, offering tax credit opportunities to a future investor. All of the buildings have flexible zoning and allow for a variety of uses, including multi-housing, office, retail, hospitality, data center, healthcare or entertainment establishments.
"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," said JLL Senior Managing Director Fran Coyne.
The properties included in the offering are: Arts Bank, Anderson Hall, Hamilton Hall, Furness Hall, Juniper Hall, Gershman Hall, Terra Hall, Arts Alliance and Spruce Hall. In their current state, the buildings offer office, performance and theatre venues, libraries, galleries, residence halls, apartments, cafes and classrooms. The University of the Arts campus is positioned in the South Broad Street corridor between City Hall and South St. in Center City, Philadelphia’s central business district.
JLL’s Capital Markets Investment Sales and Advisory team representing the seller is led by Senior Managing Directors Jim Galbally, Fran Coyne, Brett Segal and Carl Fiebig and Senior Director Samantha Kupersmith.
“The real estate represented in The University of the Arts portfolio allows an investor a generational opportunity to reshape the heart of Philadelphia’s CBD,” Galbally added.
JLL is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.