George Washington University has sold its Virginia Science and Technology Campus in Ashburn, Virginia, to an undisclosed buyer in an effort to better the school’s long-term finances.
GW President Ellen Granberg announced the sale in a letter to the school community Friday, saying it includes “very favorable terms for the university.”
The exact terms of the agreement aren’t publicly known. Granberg said the university can’t share specifics on the transaction because of a confidentiality agreement with the buyer.
GW can keep using the campus in Loudoun County for up to five years under the agreement.
Granberg called the sale “a pivotal moment for GW as we continue taking concrete steps to strengthen our foundation, align our resources with our strategic priorities for long-term financial health, and build the GW of the future, a university positioned to thrive for decades to come.”
Some of the programs housed on the Ashburn campus include nursing, engineering, physics and chemistry. There are also research labs and administrative buildings.
A portion of the sales’ proceeds will be used to make an endowment.
“The proceeds from the endowment will be used to make strategic investments in our research and teaching missions and to increase resources available for student financial aid,” Granberg said.
There’s also a proposal to use some of the funds toward a one-time bonuses to eligible staff.
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