Suffolk University Sells Buildings for $43M
- Aug 20, 2015
Boston—The Archer and Donahue buildings, located in Boston’s Beacon Hill neighborhood, have traded hands simultaneously to the same buyer. JDMD Owners purchased the properties for $43.5 million from Suffolk University, which will remain a tenant of both buildings for the time being. Though the buyer hasn’t elaborated on its plans, there’s a strong chance the structures will be redeveloped into residential properties.
The buildings total about 174,700 square feet and are at the corner of Derne and Temple Sts. near the Boston Common. The two currently house classrooms used by the College of Arts and Sciences, and Donahue is also home to the school’s financial aid office, as well as its registrar and bursar. The sale prepares Suffolk University for an upcoming move of these functions to a new home at 20 Somerset St.
“One of the core planning principles of our master plan with the city of Boston has been to move much of the classroom activity away from residential Beacon Hill,” SU Vice President of Government and Community Affairs John Nucci recently told the Suffolk Journal, a campus publication. “Primarily, the reason for the sale is simply that we are looking forward to the opening of 20 Somerset in the fall.”
The Archer building, built in 1920, was the original home of Suffolk Law School, with a two-story addition was added in 1937. Donahue was built in 1966.
JLL managing directors Frank Petz and Jessica Hughes and senior vice presidents Michael Coyne and Travis D’Amato led the team on the sales transaction. Managing directors Dustin Stolly and Aaron Appel and senior vice presidents Heather Brown and Jon Schneider led financing efforts.
“The Archer and Donahue buildings are two well-recognized assets,” said Petz. “The market’s fundamentals are primed for residential development, given the very limited supply pipeline in the face of surging demand for urban living in Boston.”