Fisher College has purchased 10-11 Arlington St. in Boston’s Back Bay neighborhood for $11.7 million from nonprofit research institution the Tellus Institute.

Fisher College plans to lease space in the 17,000-square-foot building back to the Tellus Institute and other nonprofit tenants for another two years and will phase-in the school’s utilization of the space to house its administrative offices.

The purchase will eventually allow Fisher to provide offices for faculty and staff, as well as additional services and resources to its current and prospective students, according to a statement.

Joseph Palermino, Joshua Medeiros and Eric Shabshelowitz of Cabot & Co. represented Fisher College in the transaction. Tracy Campion of Campion and Co. represented the seller, the Tellus Institute.