Welltower Inc., a Toledo-based healthcare real estate investment trust, has announced the donation of its headquarters office buildings and approximately a hundred acres of land valued at $30 million to the University of Toledo.
The donation includes the company's 140,000-square-foot, LEED-certified office building at 4500 Dorr Street, which will be repurposed by the university, and the company's approximately 31,000-square-foot North Building. As part of the agreement, Welltower will continue to occupy the North Building as its corporate headquarters and office space for its Toledo-based employees. Final transfer of the real estate and implementation of the lease-back structure are expected to occur by the middle of 2018.
"We are grateful for this generous gift from Welltower, which affirms the important role of the University of Toledo to positively impact our community," said UT president Sharon L. Gaber. "This Toledo-based global company chose to invest in UT because of our capacity to contribute to the growth and development of our region, and we are thankful for their support. This is the largest gift in the university's history and provides a unique opportunity to explore potential uses for this space that would best serve the university and the community, and contribute to our goal to be one of the top public, national, research universities."