The properties have expansive ocean views and were highly sought after by real estate developers, but the now-closed Marymount University opted to sell its campus and housing sites to UCLA.
"As new demand for our academic offerings continues to grow, this acquisition will allow us to expand student access in line with UC's 2030 goals, strengthen our connections to the greater L.A. region, and deepen our institutions research and public service impact," UCLA Chancellor Gene Block said in a statement.
The acquisition includes Marymount's 24.5-acre main campus in Rancho Palos Verdes, 30 miles south of Westwood, and an 11-acre residential site in San Pedro. The purchase was approved by the University of California regents on Sept. 22.due to rising costs and declining enrollments. There was apparently intense interest in the properties from residential developers.
"We chose UCLA because it has a long track record of educational excellence, and is perfectly suited to build upon the mission of teaching and community service we established here," Brian Marcotte, president of Marymount University, said in a statement.Thanks for reading CBS NEWS.Please enter valid email address to continue
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