TOLEDO, OH (WTOL) - The University of Toledo will be expanding further out on Dorr Street.
UT announced that Toledo-based Welltower is donating a large portion of its Dorr Street campus to the university, Wednesday afternoon.
The generous gift consists of Welltowers's state-of-the-art LEED-certified office buildings and approximately 100 acres of land for the benefit of UT.
"We have more space than we need, and are focused on running the business more efficiently. This led us to consider more productive, community-minded uses of the campus," said Tom DeRosa, Welltower's Chief Executive Officer. "The University of Toledo is the ideal choice, and we are delighted to partner with them in such a meaningful and progressive way."
The UT Foundation will repurpose Welltower's Main Building which is140,000 square feet of office space.
The 31,000 square foot North Building will be leased by Welltower as its corporate headquarters and office space for its Toledo-based employees.
"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," said Sharon L. Gaber, UT's president.
The estimated value of the total donation is more than $30 million.
The final exchange between the two is expected to happen by mid-2018.