USC Buys Hebrew Union College Campus for $35M

Historic Deal Sees University of Southern California Acquire 50,000-Square-Foot Skirball Campus

University of Southern California has purchased the Hebrew Union College – Jewish Institute of Religion building next to its Exposition Park campus for $34.6 million in a buy-leaseback deal that requires the school to downsize and foot the bill for renovations.

Terms of the Deal

The deal works out to $692 per square foot. For its money, Hebrew Union agreed to lease back 30,000 square feet and pay infrastructure, technology, and natural lighting upgrades. Terms of the lease-back deal, and an estimated cost of the renovation, were not disclosed.

Renovation Plans

Israeli-born architect Hagy Belzberg, founding partner of Santa Monica-based BA Collective, will lead the makeover. The renovation is expected to transform the 50,000-square-foot Jack H. Skirball Campus at 3077 University Avenue, north of USC.

A New Chapter for Hebrew Union College

Hebrew Union College, a rabbinical training and higher education institute of Reform Judaism, was founded in 1875. It has owned and occupied the Skirball campus since 1954, operating as an academic partner to the larger USC. In 2022, the university and the college renewed their partnership for another 25 years.

Expansion and Relocation

The USC expansion comes as Hebrew Union College gave up ground in New York to New York University. This month, Hebrew Union sold its sister campus in Manhattan’s NoHo neighborhood to NYU for $75.5 million. Details of the property, such as the size of the campus, were not disclosed. Hebrew Union College then bought the First Battery Armory building on the Upper West Side from American Broadcasting Company for $32 million, with plans to move there by 2027, according to CO.

Conclusion

The acquisition of the Skirball campus marks a significant expansion for USC, further solidifying its presence in the Exposition Park area. The renovation plans will undoubtedly bring new life to the historic building, while Hebrew Union College looks to relocate to a new home in New York City.

FAQs

* What is the square footage of the Skirball campus?
+ 50,000 square feet
* What is the price of the deal?
+ $34.6 million
* Who will lead the renovation of the Skirball campus?
+ Hagy Belzberg, founding partner of Santa Monica-based BA Collective
* What is the estimated cost of the renovation?
+ Not disclosed
* When is the expected completion date of the renovation?
+ Not disclosed