ASU's nonprofit fund-raising organization announced Thursday that it would buy The Brickyard on Mill.
"There is no specific price," said Charles Wagner, senior vice president and chief financial officer of the ASU Foundation. "But the total purchase price will not exceed $36 million."
The building, located at 699 S. Mill Ave., currently houses several businesses and restaurants, including The Bamboo Club, Borders and Marvo's Pizza with a Twist.
The Brickyard also is home to ASU's Ira A. Fulton School of Engineering Dean's Office and the Institute for Computing and Information Science and Engineering, which was created in 2003 to centralize the University's key computer and information technology.
The building also hosts the office of Arizona Technology Enterprises, a company that assists ASU in patenting and selling technologies invented by the University's students and employees.
The foundation also announced it would lease the property to the University after its purchase. In turn, the University would be responsible for managing and operating duties of the facility. The foundation will lease the property to ASU for 15 years.
The foundation will be able to lease the property to the University at a rate below its full market value.
The move is supposed to save the University approximately $14 million over the 15-year term, ASU said in a statement Thursday.
Currently, the private businesses in the Brickyard are expected to finish their leases, Wagner said.
"They have leases and will run their terms," he said. "Whether they renew will be up to them and ASU, who will be their landlord. There are no plans to make them move."
Reach the reporter at christian.palmer@asu.edu.
