Harvard spokesman Joe Wrinn did not return calls by presstime, but he is quoted as saying that Harvard Business School Publishing is the entity that is considering buying the property. The publishing group, which is a division of the university, currently leases 112,000 sf at the Arsenal and is negotiating for another 21,000 sf there.

Wrinn also reportedly stated that a stipulation in the lease gives HBS publishing right of first refusal to buy the property. It is unclear why the university is interested in the 30-acre parcel of land. The Arsenal is a few minutes drive from Harvard and several bus lines connect the two campuses so there is the possibility that some of the university's operations could be moved there.

There is also the possibility that the purchase is a long-term investment. The asking price for the property is $185 million. Reportedly, a letter of intent has been signed and the sales price is between $175 and 180 million.