Potential acquisition of UArts building

Dear Colleagues,

Last summer, in the wake of the sudden closing of the University of the Arts (UArts), Temple University made it clear that it would explore all options to help support UArts students and preserve the rich legacy of this 150-year-old institution. While we ultimately did not move forward with a transaction at that time, we expressed our continued commitment to these goals, and now have an update on our efforts.

In September, UArts filed for Chapter 7 bankruptcy to liquidate its assets, resulting in the institution's buildings and real estate holdings being made available for purchase. Temple has explored options for acquiring two properties that align with our academic priorities and also allow us to continue the historic legacy of UArts.

Temple's initial bid for Terra Hall has been accepted and is pending court approval. Terra Hall, which served as the main academic building for UArts, is located a few blocks south of City Hall at Broad and Walnut streets. The potential acquisition of Terra Hall is an exciting prospect as it allows us to establish a prominent Temple presence in an iconic Philadelphia building. And, as we begin our work of spurring an innovation corridor that stretches both north and south of our Main Campus on Broad Street, the acquisition of Terra Hall continues Temple's longstanding tradition of investing in a Center City campus and provides us with a strong and permanent presence in the heart of downtown Philadelphia. Should this transaction receive appropriate approvals, it is our expectation that this building would become the future home of Temple University Center City (TUCC), as our lease at 1515 Market St. expires on June 30, 2027. Of significance, this transaction would mark the first time that Temple would own its Center City campus as opposed to leasing.

Beyond serving as the new home of TUCC, Terra Hall creates an opportunity for the university to be part of the continued revitalization of the Avenue of the Arts-an important cultural corridor-while opening the door for additional academic opportunities for our students.

In the weeks to come, we will share further updates on this matter.

Sincerely,

John Fry
President

Gregory N. Mandel
Senior Vice President and Provost

Ken Kaiser
Senior Vice President and Chief Operating Officer