The USC Board of Trustees approved a settlement with the U.S. Department of Justice regarding the lease of the Close-Hipp building on Friday.
Trustees approved the deal with the U.S. Department of Justice to unwind the contract they had with the university regarding their lease of the former business school.
The settlement reached between the university and the Department of Justice will come to a total of $31.5 million.
According to USC’s chief operating officer Ed Walton, these changing priorities have turned into “an even better deal today.”
“Putting this 350,000 square feet of academic space back into the mix is a game changer for USC in our ability to serve our students and our ability to serve the state,” he said.
The agreement recognizes that the Department of Justice's original need of the Close-Hipp building has changed. Also according to the agreement, the university has developed a need to retain the building.
There was a unanimous decision from the board, and the settlement agreement with the Department of Justice was approved.