WASHINGTON, DC—The Shakespeare Theater Co. has reached an agreement to acquire the former Southeastern University campus on I Street and plans to convert the property into an actors' campus.

Shakespeare Theater acquired the Southeastern University building at 501 I St. in partnership with developer Erkiletian Real Estate. The Alexandria, VA-based company has developed apartments and condominiums in Alexandria and the Discovery Communications headquarters in Silver Spring, MD, according to the Washington Post. Southeastern U. shut down the campus in 2010.

“Since 2005, we have been exploring ways to create a permanent home for the Company,” says Chris Jennings, managing director of The Shakespeare Theater. “Erkiletian's commitment and knowledge of Washington, DC caters to our ambition to create a community space for STC and DC theatre. Their constant support of the theatre reflects that they will be equally as passionate about this project as we are.” See story in the Washington Post.