Vanderbilt University is set to lease the "underutilized" campus of the General Theological Seminary in New York, several years after the seminary announced the discontinuation of its residential program.
The Tennessee-based university has entered a 99-year lease to expand the campus in Manhattan's Chelsea neighborhood.
The five-acre location known as "the Close" is covered in the leasing agreement, where the seminary has operated the school since its founding in 1817. The school's 13 buildings cover nearly a full city block, totaling around 150,000 square feet, according to the Living Church.
In a statement last week, Vanderbilt said its ongoing strategy is to "bring the world to Vanderbilt and Vanderbilt to the world."
"Establishing a presence in New York City offers unparalleled opportunities for our students and faculty to engage with the world's leading industries and institutions," said C. Cybele Raver, provost and vice chancellor for academic affairs.
The Chelsea campus will house the university's regional administrative hub, which was developed in 2023 through a collaboration between Development and Alumni Relations, the Office of Career Advancement and Education and the Office of Enrollment Affairs.
"The Chelsea location will create not only opportunities for students in Nashville but for expanding research partnerships, increasing engagement with businesses and organizations around the world, and supporting the more than 7,800 alumni and 740 current students who call the New York area home," school officials said.
The campus is close to major employers like Google and Meta, as well as cultural organizations and tourist attractions.
The property is reportedly valued at more than $100 million. The seminary said the arrangement will "secure GTS' presence on the Close for decades to come" while also allowing for building improvements. Seminary administrators do not intend to sell the property and will continue to occupy parts of the buildings.
Vanderbilt added that it is seeking regulatory permission from different state agencies for the idea, but declined to share comprehensive details about the types of for-credit programs that would be offered on the New York campus.
"As home to leading institutions in finance, media, technology, and the arts, and as a jumping-off point to the rest of the world, New York offers unbounded opportunities," Vanderbilt Chancellor Daniel Diermeier said in a statement.
