NEW YORK CITY—Brooklyn Law School has completed the sale of its 160,000 square-foot building at One Boerum Place in Downtown Brooklyn to One Boerum Development Partners, comprised of Avery Hall Investments, Allegra Holdings and Aria Development Group. The property changed hands for nearly $77 million, or approximately $1,913 per square foot, according information provided—and confirmed—by Real Capital Analytics.

Brooklyn Law School will remain in the Boerum Place building, which currently houses administrative and clinical offices, until mid-2017. The project will be converted to a mixed-use property, with all permitted uses under consideration by the development team, including retail, office, cultural and residential components.

Directly across from Brooklyn Borough Hall and Columbus Park, the site is adjacent to Brooklyn's second largest transit hub and features very strong transportation access within Brooklyn and into Manhattan.

The planning and execution of the sale of One Boerum Place was handled by Ira Schuman and David Carlos of Savills Studley. “Academic institutions and other non-profits continue to analyze their existing pool of assets in order to fund investments in their future programming,” says Carlos. “The building is past its useful life for Brooklyn Law. Given that One Boerum is the gateway to the Fulton Mall, the highest and best use for the site is a retail and residential development.”

The sale is part of the law school's multi-year plan, led by its board of trustees, to leverage Brooklyn's strong real estate market and monetize highly valuable assets to invest in the school's future. Last year, the law school sold its residential building at 2 Pierrepont St. in Brooklyn Heights for $35 million.

The sale of One Boerum Place and 2 Pierrepont St. will double the law school's endowment over the last five years to approximately $225 million in FY 2017. In 2013, the law school also sold six buildings in Brooklyn Heights for a total of $36.5 million.

“This sale places Brooklyn Law School in an even stronger financial position to move further into the forefront as an innovative leader in legal education,” says president and dean Nicholas W. Allard. “The One Boerum Place team, led by Avery Hall, shares our commitment to an even brighter future for Brooklyn and our law school.

Adds Avery Hall co-founder and principal Brian Ezra, “This centrally located site sits atop eight subway lines and is accessible by two major bridges. We are excited by the proximity to prime shopping, dining, cultural venues and educational institutions, positioning One Boerum Place at the commercial and residential epicenter of Brooklyn.”

He continues, “The extraordinary visibility and openness of the site offers an opportunity to create iconic architecture and make a positive impact on the streetscape.”

NEW YORK CITY—Brooklyn Law School has completed the sale of its 160,000 square-foot building at One Boerum Place in Downtown Brooklyn to One Boerum Development Partners, comprised of Avery Hall Investments, Allegra Holdings and Aria Development Group. The property changed hands for nearly $77 million, or approximately $1,913 per square foot, according information provided—and confirmed—by Real Capital Analytics.

Brooklyn Law School will remain in the Boerum Place building, which currently houses administrative and clinical offices, until mid-2017. The project will be converted to a mixed-use property, with all permitted uses under consideration by the development team, including retail, office, cultural and residential components.

Directly across from Brooklyn Borough Hall and Columbus Park, the site is adjacent to Brooklyn's second largest transit hub and features very strong transportation access within Brooklyn and into Manhattan.

The planning and execution of the sale of One Boerum Place was handled by Ira Schuman and David Carlos of Savills Studley. “Academic institutions and other non-profits continue to analyze their existing pool of assets in order to fund investments in their future programming,” says Carlos. “The building is past its useful life for Brooklyn Law. Given that One Boerum is the gateway to the Fulton Mall, the highest and best use for the site is a retail and residential development.”

The sale is part of the law school's multi-year plan, led by its board of trustees, to leverage Brooklyn's strong real estate market and monetize highly valuable assets to invest in the school's future. Last year, the law school sold its residential building at 2 Pierrepont St. in Brooklyn Heights for $35 million.

The sale of One Boerum Place and 2 Pierrepont St. will double the law school's endowment over the last five years to approximately $225 million in FY 2017. In 2013, the law school also sold six buildings in Brooklyn Heights for a total of $36.5 million.

“This sale places Brooklyn Law School in an even stronger financial position to move further into the forefront as an innovative leader in legal education,” says president and dean Nicholas W. Allard. “The One Boerum Place team, led by Avery Hall, shares our commitment to an even brighter future for Brooklyn and our law school.

Adds Avery Hall co-founder and principal Brian Ezra, “This centrally located site sits atop eight subway lines and is accessible by two major bridges. We are excited by the proximity to prime shopping, dining, cultural venues and educational institutions, positioning One Boerum Place at the commercial and residential epicenter of Brooklyn.”

He continues, “The extraordinary visibility and openness of the site offers an opportunity to create iconic architecture and make a positive impact on the streetscape.”