Wells College has announced the selection of CBRE, an international commercial real estate firm, to oversee the sale of its campus in Cayuga County as part of its efforts to meet financial and regulatory obligations, according to the college’s October alumni newsletter. The sale is a necessary step in completing the institution’s closure and dissolution.
CBRE’s Syracuse office, which specializes in marketing and selling college campuses, will lead the process. In addition, the college has enlisted the world-renowned Christie’s to assist with the sale of non-real estate assets and to support the preservation of its remaining assets and buildings. Over a dozen buildings on the campus are listed as part of a district on the National Register of Historic Places, including the 1890 four-story main building.
The campus is currently being winterized in preparation for the transition, with measures including draining water from all pipes, using compressors to remove residual water, and treating systems with antifreeze to prevent damage during colder months.
It was announced back on April 29th that Wells would close at the end of the spring semester, citing “enormous financial challenges coupled with a shrinking pool of undergraduate students, inflationary pressures and an overall negative sentiment towards higher education” as the reasons why.
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