TOLEDO, Ohio (AP) — An Ohio real estate investment trust has donated $30 million worth of property to the University of Toledo.
In an announcement last Wednesday, university officials say Toledo-based Welltower is donating 140,000 square feet of office space and nearly 100 acres of land.
Welltower CEO Tom DeRosa says the company has more space than it needs for its 150 employees. He says the company preferred to give the space to the university rather than to a random buyer.
DeRosa says the company will lease a 31,000-square-foot office building nearby.
University President Sharon Gaber says the donation is the largest the school has ever seen. She says the university has yet to decide how to use the property.
The transfer is expected to be confirmed in mid-2018.