WASHINGTON — Johns Hopkins University is buying the Pennsylvania Avenue home of the Newseum for $372.5 million, allowing Johns Hopkins to consolidate and expand its local academic facilities into a single building.
The Newseum will remain open to the public at its current location through 2019
The new space will be used for current and future research, education and engagement, Johns Hopkins said in a statement.
For the financially struggling museum it means much needed funding for its owner, the Freedom Forum that will enable it to search for a new location in the Washington area.
“Acquiring this iconic property in the heart of the nation’s capital will represent a transformative moment for Johns Hopkins University and place our research and expertise in the midst of national and global decision-making,” Johns Hopkins said in a statement.
John Hopkins intends to anchor the iconic Newseum building at 555 Pennsylvania Avenue with its School of Advanced International Studies.
The Newseum building was built specifically for the nonprofit museum, and it will require significant renovations and governmental reviews for a conversion to academic use.
Johns Hopkins is funding the purchase through the sale of its existing D.C. properties, university funds and philanthropic support.
The Newseum opened its Pennsylvania Avenue location in 2008.
After years of financial challenges, the Freedom Forum said in 2017 it would explore the sale of its building.
“It was a difficult decision, but it was the responsible one,” said Jan Neuharth, chair and CEO of the Freedom Forum.
“We remain committed to continuing our programs – in a financially sustainable way – to champion the five freedoms of the First Amendment and to increase public awareness about the importance of a free and fair press. With today’s announcement, we can begin to explore all options to find a new home in the Washington, D.C. area.”
Johns Hopkins said the building acquisition is contingent on all necessary approvals it will need to convert the building to its intended use.
