The Terra Foundation for American Art announced on Wednesday that it has sold the retail space at 664 North Michigan Avenue, which until 2004 housed the Terra Museum of American Art, to New York-based Acadia Realty Trust. The 18,000 square feet of leased and unleased space sold for $86.6 million, with the first floor trading at $8,900 per square foot, a release said.
The Terra Foundation will also retain ownership of 17,000 square feet of office space in the building. There, they will house those portions of their collection which are not on loan at the time. The works at the Foundation’s offices will not be on display for the public; however, the Foundation will continue to partner with institutions across the country and abroad to share the collection, the release said. The Terra Museum of American Art was housed at 664 N. Michigan Ave. until 2004, when its board of directors closed the museum, refocusing on art education and outreach programs, and lending out works to other institutions.
Donald H. Ratner, Executive Vice President and Chief Financial Officer of the Terra Foundation, said, “Our Board believed this to be the best option to drive our mission while ensuring our collection is protected. The proceeds increase our endowment by more than 30 percent, which is this rare for a foundation like ours. It will expand our opportunities for investment in global art exhibitions and scholarly programs — all of which will further our efforts to cultivate worldwide appreciation of American art.”
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