Jenkins Hall Sold for $44 Million
- June 9, 2021
On December 23 Moody celebrated Christmas by closing on the sale of Jenkins Hall, a significant step forward in the Chicago campus redevelopment initiative. Foundation Housing, a well-respected nonprofit organization, purchased the building for $44 million dollars.
“This is a crucial time in our storied history and this initiative is helping provide the necessary resources to improve our campus for the twenty-first century, as well as to double our impact in media and education,” says COO Mark Wagner.
Jenkins Hall is one of three parcels of land offered for sale as part of Moody’s strategic management of its real estate. The first property, a building at 315 Walton Street, was sold in October 2020, and a further eight acres on the west side of Wells Street is being purchased by JDL, which will be the third and final closing as a part of the campus redevelopment. That closing is contingent on community feedback and zoning changes.
Built in 1978 with 13 floors, Jenkins Hall was purchased by Moody in 1996, with significant support from Jerry ’70 and Dianna Jenkins to help Moody pay for it in full. A portion of the building is still used for student housing this semester, but Moody’s Residence Life team and education leadership are developing a strategic housing plan for the campus going forward.
Jenkins Hall also has more than 90 senior citizen Section 8 apartments. Foundation Housing, which redevelops properties to provide affordable housing, is continuing to care for senior citizen residents.
After Moody’s closing with JDL, strategic plans include investing in infrastructure upgrades on Moody properties to create a state-of-the-art urban campus, as well as growing Moody’s education, radio, and publishing ministries and building on endowment and scholarship funds. A portion of the proceeds will go toward strengthening Moody’s financial reserves. “Leadership looks forward to sharing more as we finalize plans,” says Wagner, who requests prayer for Moody’s witness and testimony in the community. “May God bless our efforts.”