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LA JOLLA, CA-National University is buying Jenny Craig Inc.’s 75,000-sf corporate headquarters for $16 million. The disposition will raise $16 million for the ailing weigh loss company after expenses.

The two-story building is located adjacent to National’s existing academic and administrative headquarters. The transaction is subject to various closing conditions, including the completion of due diligence satisfactory to National University. The sale is expected to close within 45 days.

“We are exploring several locations to relocate our corporate headquarters while we continue to review strategic alternatives for the company which will enhance shareholder value,” says Sid Craig, chairman of the board and chief operating officer of Jenny Craig Inc.

Founded in 1983, Jenny Craig Inc. is one of the largest weight management service companies in the world. National is the second largest private university in the state, with 27 locations throughout California and 89,000 graduates.

Says Dr. Jerry C. Lee, university president, “We believe this was an ideal situation for National University and will provide the additional space to accommodate our current needs and future growth.”

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