The Johns Hopkins University has agreed to buy the former Seton High School and adjacent Dell House Apartments in north Baltimore from Sheppard Pratt Health System.
When the purchase is completed, the properties will continue to be rented to their current tenants. The ultimate use of the property will depend on future university needs and compatibility with the surrounding neighborhood.
The properties, acquired by Sheppard Pratt Investment Inc. in 2000, lie on 2.3 acres along the west side of North Charles Street between 28th and 29th streets, just south of the Homewood campus.
"The neighborhoods surrounding Homewood are very important to the future of the university, and we are working with our neighbors in a number of ways to enhance these wonderful residential and shopping communities," said James T. McGill, senior vice president for finance and administration of the university. "This deal is another way of saying that wešre here to stay, we're investing in the community and we're committed to the future of the Greater Homewood area."
The parties agreed not to disclose the terms of the deal. The university intends to pay for the properties with money from its investments, thereby diversifying a portfolio with little real estate exposure.
The Seton building, now known as the Seton Court, has been renovated into an office building with 67,000 rentable square feet of space. It is leased to Argus Group Inc., a subsidiary of ADP.
Dell House, a 16-story building with 37 apartments and two floors of leased office space, is largely rented by Johns Hopkins students. It would continue to be offered on the open market to both students and nonstudents. The deal includes a 170-space parking lot adjacent to the two buildings.