Holland & Knight Serves as Counsel on Bankruptcy and Regulatory Matters in Temple University's Acquisition of Terra Hall from University of the Arts' Trustee

PHILADELPHIA (February 27, 2025) – Holland & Knight acted as bankruptcy and education regulatory counsel to Temple University in its acquisition of Terra Hall, a landmark property in the arts district of Center City Philadelphia. Terra Hall was formerly owned by University of the Arts, a century-old higher education institution dedicated to arts education that abruptly ceased operations at the end of the 2024 academic year. The transaction closed on February 12.

Terra Hall is a 275,000-square-foot, multipurpose educational facility featuring an array of classrooms, studios and administrative offices. Temple University acquired the four-story building in a transaction approved by the U.S. Bankruptcy Court for the District of Delaware in the University of the Arts' bankruptcy case pursuant to Section 363 of the U.S. Bankruptcy Code. Temple plans substantial renovations and upgrades and will continue Terra Hall's use for higher education.

Based in Philadelphia, Temple University is a public state-related research university.

Holland & Knight Partners John Monaghan and Lynne Xerras led the firm's representation of Temple University in connection with the substantive and procedural bankruptcy issues. Partner Paul Lannon led the team regarding educational regulatory issues.