The S&R Foundation, a nonprofit that supports talented individuals in the arts, sciences and social entrepreneurship, will buy the historic Fillmore Building in Georgetown from George Washington University for an undisclosed sum.
The sale is under contract. The sales price will be recorded once the sale closes.
TTR Sotheby’s International Realty was selected by GWU to market the building, at 1801 25th St. NW, in January. It was listed for $14 million.
The building has an assessed value of about $10 million, according to the D.C. Office of Tax and Revenue.
GWU, which gained the property as part of its partnership with the National Gallery of Art to take over parts of the Corcoran Gallery of Art, plans to use proceeds to help pay for the $80 million renovation of the Corcoran’s Beau-Arts gallery building at 500 17th St. NW.
The Corcoran College of Art and Design acquired the building in 1998 and had used it for studio space.
The S&R Foundation intends to use the building as an arts incubator in the fields of fine, visual and performing arts.
Washington Fine Properties represented the S&R Foundation in the sale.