University of the Arts lands $8.3M in bids for 2 buildings

Higher Ed Dive

Ben Unglesbee

January 10, 2025

Dive Brief:

• The University of the Arts has a $6.5 million bid from Philadelphia real estate investor Allan Domb for one of the institution’s most valuable properties, the Arts Alliance, according to court papers filed Wednesday.

• The trustee managing UArts’ assets in bankruptcy left open a window for competing bids and could hold an auction for the property.

• The trustee, Alfred Giuliano, also secured the sale of a performance hall owned by UArts known as the Arts Bank for just under $1.8 million to Lantern Theater Company, a Pennsylvania nonprofit. A hearing is set for Jan. 15 to approve the sale.

Dive Insight:

UArts’ sudden closure in June shocked the city and sparked protests, government probes and legal actions. In September, the university filed for Chapter 7 bankruptcy to manage its wind-down and the liquidation of its assets. That came after a possible deal with nearby Temple University fell through in August.

Most valuable among the shuttered private university’s assets is its real estate portfolio, which includes iconic buildings in the heart of the Philadelphia’s arts district.

The Arts Alliance building wasn’t originally one of them, as the university acquired the building after a 2018 merger. It stands apart half a mile away from the shuttered university’s main campus in the tony Rittenhouse Square area. When it filed for bankruptcy, UArts listed the building’s value at $11.1 million.

Continue Reading