Suffolk University has sold its Archer and Donahue buildings in Boston’s Beacon Hill to JDMD Owners of New York for $43.5 million.

The university put the two longtime Suffolk Law School properties on the market this spring as it prepares to open a new academic building at 20 Somerset St. in September. It will remain a tenant of both buildings, which total 174,759 square feet, in the short term.

JLL’s capital markets team of Frank Petz, Jessica Hughes, Michael Coyne and Travis D’Amato brokered the transaction on behalf of Suffolk. JLL’s Dustin Stolly, Aaron Appel, Heather Brown and Jon Schneider arranged $31.3 million in acquisition and predevelopment financing.

“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,” Petz said in a statement.

Suffolk President Margaret McKenna said the university will use the proceeds to enhance technology and add collaborative classroom spaces.

Suffolk Sells Beacon Hill Properties For $43.5M

by Banker & Tradesman time to read: 1 min