Suffolk University has sold its Hiriam J. Archer and Frank J. Donahue buildings to a New York commercial real-estate firm for $43.5 million.
JDMD Owners purchased the two buildings, which are located at Temple and Derne streets and share connecting hallways, under an agreement that allows Suffolk to stay on as a tenant at both locations, according to a statement from the university.
Proceeds from the sale will help finance campus enhancements, including renovations to Sargent Hall to accommodate Sawyer Business School graduate programs, and changes to the 73 Tremont St. and Sawyer buildings for academic, student and office purposes.
“The sale of these buildings is an important step in providing students with technology-enhanced classrooms that encourage collaboration and innovation,” Suff
The Frank J. Donahue Building at 20 Derne St.
olk President Margaret McKenna said in a statement released by the university. “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 sold the Fenton Building and Annex on Beacon Hill last year as part of its long-range facilities planning, which also includes opening a new academic building at 20 Somerset St. for the fall semester.