The building currently has about 100,000 sf vacant. Among its tenants are JP Morgan Chase, US Securities & Exchange Commission, Katz & Rudnick and Mass Bankers. Space in the building rents for approximately $34 per sf.

The university plans on putting in a 50,000-sf library over the next year and a half. Suffolk recently sold a number of brownstones on Beacon Hill totaling about 20,000 sf that were used as administrative and faculty offices. Those offices will be consolidated into the building as well.

The deal is part of a gradual relocation on the part of Suffolk to a more Downtown location. The campus had originally had more of a presence in Upper Beacon Hill, but over the years a number of real estate deals have moved much of the campus into Downtown Crossing. In 1996, Suffolk built a new law school building near the Park Street station at 120 Tremont St. A dorm was built at 150 Tremont, and last year another dorm was finished at 10 Somerset St. The university spokesperson notes that Suffolk does not have any plans for additional space in the area at this time.