BU Sells Theatre

Boston University has sold BU Theatre and its adjacent properties to developer John Matteson for $25 million.

The deal was announced March 21 after 62 years of ownership, and the university has said it will use most of the money to build a new performance center closer to its main campus.

The new center will be part of an estimated $50 million series of projects aimed at revamping BU’s facilities and presence on Commonwealth Avenue. The theatre has hosted the Huntington Theatre Company for 34 years.

The agreement with Matteson stipulates that the company will be allowed to continue using the 890-seat facility rent free until June 2017.

Matteson told BU Today that he is working with the theatre company to figure out plans moving forward, and the conversation between the two parties has been generally positive.

“We are fans of the theatre,” Matteson said. “We would like to make sure that we maintain a theater on the Avenue of the Arts, as that part of Huntington Avenue is designated.”