Revenue from the sale of a Boston University-owned Massachusetts property, which hit the real estate market Nov. 5, will be added to the school’s operating budget, the school says.
The 210-acre Tyngsborough property, about 40 miles from the Charles River Campus, had been used for classroom, biolab and corporate education space until last year. BU acquired the site after a 1987 merge with the Wang Institute, a computer science graduate school no longer at the space.
The exact amount earned from the sale will be unknown until a deal is finalized, said BU spokesman Colin Riley.
“The money goes to the university,” Riley said. “There isn’t a defined use for it, but it is put into the operating budget or for undetermined things.”
As of Nov. 20, the land and its buildings, most recently used for the BU Corporate Education Center, remained unsold, said Tyngsborough town administrator Rosemary Cashman. BU ended the programs at the location last year.
Tyngsborough, a suburban town near the New Hampshire border with a population of 12,000, benefited from BU’s economic presence in the community, Cashman said.
“We will be sad to see Boston University go,” Cashman said. “We have had a positive relationship with them.”
The “true impact” of BU’s move from the town will not be known until the buyer is found, she added.
The site at 72 Tyng Rd. includes a 74,000-square-foot conference facility, a 1,645-square-foot residential structure and a 4,540-square-foot building, according to a Nov. 5 press release from Grubb ‘ Ellis, the real estate agency hired to sell the land.
The land includes nature walks and a granite quarry, the release states. The property dates back to pre-colonial times and was deeded to settler James Parker. In 1660, the land was sold to Edward Tyng, Tyngsborough’s namesake. In 1979, the site was purchased by Dr. An Wang, the founder of Wang Laboratories, who opened the graduate school.
As property owners consider selling their assets, it’s crucial to remain informed about the evolving real estate market. The transition of significant sites, such as the one at 72 Tyng Rd., highlights the importance of understanding market conditions and timing.
For those looking to sell their properties efficiently, exploring options such as buying houses with cash can be particularly advantageous. These methods often streamline the selling process, offering a faster and more straightforward approach compared to traditional sales methods.
By staying informed and considering various selling strategies, property owners can navigate the complexities of the market effectively, securing optimal results for their investments.