Sale underscores trend of colleges and universities seeking and committing to DC for long term
News release
25 September 2024
Seminary Sells Property to Higher Ed Institution in Washington
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WASHINGTON, DC – September 25, 2024 - JLL announced it facilitated the sale of Wesley Theological Seminary-owned student housing condo at 908 Massachusetts Avenue to Franciscan University of Steubenville. The 6,700 square foot space sold for $2.9 million in late August.
According to JLL Research, non-local universities occupy more than one million square feet of space in Washington, DC. “This is an interesting deal because it reiterates the desire for non-local colleges and universities to have a presence in our nation’s capital,” remarked John Gibb, Managing Director, JLL. “It supports the work of Mayor Bowser and the District to attract more universities to Washington, and truly position our nation’s capital at the intersection of learning, talent and policy.”
“We began our search for a buyer in 2021 and JLL was integral in finding the right user to suit our needs,” said David McAllister-Wilson, President, Wesley Theological Seminary.
JLL’s John Gibb and Michael Gallagher represented the seller, Wesley Theological Seminary, while CBRE’s Chad Barbiasz and Bradley Wilner represented Franciscan University.
For more information about JLL DC, visit https://www.jll.com/en-us/locations/washington-dc. For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.