Fox Rothschild Oversees Sales of UArts Properties for $74.4 Million
July 23 2025 | PRESS RELEASES |
In a span of less than six months, a team of Fox Rothschild real estate attorneys led by Craig L. Finger and Chad A. Lewis oversaw the bankruptcy liquidation sales of nine properties in Philadelphia owned by the now-defunct University of the Arts for $74.4 million.
The nine properties total about 760,000 square feet and are situated mostly along Philadelphia's Avenue of the Arts - a historic section of Broad Street south of City Hall.
Fox Rothschild was hired by Bankruptcy Trustee Alfred Giuliano to serve as special counsel after the University of the Arts closed abruptly in 2024 and filed a Chapter 7 bankruptcy petition.
Fox Partner Michael G. Menkowitz, a past Chair of the firm's Financial Restructuring & Bankruptcy Department, was tasked with overseeing the real estate aspects of the bankruptcy process, including sales of all properties and pursuit of a series of appeals of the university's real estate tax evaluations
Menkowitz and Partner Andrew R. Stoll have nearly completed work on the tax appeals.
NINE PROPERTIES, EIGHT BUYERS
The Fox real estate attorneys worked with broker JLL Capital Markets to sell all nine properties to eight buyers in a series of closings that began in January. The final sale closed on July 1, 2025.
TERRA HALL - $18 million
HAMILTON HALL AND FURNESS HALL - $12.25 million
JUNIPER HALL - $11.6 million
ANDERSON HALL - $8.5 million
ART ALLIANCE BUILDING - $7.6 million
ARTS BANK BUILDING - $7.2 million
SPRUCE HALL - $7 million
GERSHMAN HALL - $6.75 million
