BOSTON—Suffolk University has closed on the nearly $44-million sale of its Archer and Donahue buildings in Beacon Hill while it makes final preparations for the ribbon cutting in two weeks on its new academic building on Somerset Street.

The buildings, which formerly served as home to the Suffolk Law School, were sold for $43.5 million. JLL, which brokered the transaction, also secured $31.3 million in acquisition and pre-development financing for the buyer JDMD Owners.

The buildings total 174,759 square feet and are located at the corner of Derne and Temple streets on Beacon Hill. Suffolk University will remain a tenant in both buildings, according to JLL.

Meanwhile, Suffolk University has planned a Sept. 9th ribbon cutting for its new academic building at 20 Somerset St. The new $62-million, 110,000-square-foot facility will feature general-use and science classrooms, a cafeteria and multiple lounges, and an adjacent outdoor gathering space for students.

JLL managing directors Frank Petz and Jessica Hughes and senior vice presidents Michael Coyne and Travis D'Amato led the JLL team on the Archer and Donahue building sales transaction while managing directors Dustin Stolly and Aaron Appel and senior vice presidents Heather Brown and Jon Schneider led the financing efforts. The new owners could possibly reposition the Beacon Hill properties for residential development. 

"The Archer and Donahue buildings are two well-recognized, landmark assets in one of Boston's top neighborhoods,” states 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.”

“The lending community was eager to back this project given the limited opportunities to finance a new, large-scale development in the Beacon Hill neighborhood,” JLL's Stolly adds.

Suffolk University reports that proceeds from the sale will be used for enhancements to its campus, including renovations to Sargent Hall to accommodate Sawyer Business School graduate programs and changes to the 73 Tremont St. and Sawyer buildings to facilitate 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," states 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."