The university announced last week that it closed on the sale of the Virginia Science and Technology Campus (VSTC). Executive Vice President, Chief Financial Officer and Treasurer Bruno Fernandes and Interim Provost and Executive Vice President for Academic Affairs John Lach hosted a town hall for faculty and staff at VSTC on Tuesday. Fernandes and Lach addressed questions about the sale.
Q: Why did GW decide to sell VSTC?
JL: VSTC has been an important part of GW’s history, and we are grateful for the students, faculty and staff who study, teach, conduct research and work at the campus. The impact the campus has had on our university is a direct reflection of their scholarship, teaching, service and leadership.
BF: When considering the sale, we had to take seriously the opportunity to capitalize on the region's rapidly rising land prices and the impact a sale would have on the future of our university. Ultimately, after careful deliberation, the Board of Trustees and university leadership decided to seize that opportunity. As you may have seen in recent news coverage, we can now disclose that the campus was purchased by Amazon Data Services for over $400 million.
This sale represents a significant investment in our community and in our broader efforts to ensure long-term financial health and to invest more deeply in our academic mission.
Q: What does this mean for the VSTC community?
JL: I want to be clear that although we have sold VSTC, we are committed to the students, faculty and staff, and to the research, academic and administrative programs based there.
As we shared, this agreement gives GW the opportunity to continue operating programs at VSTC for up to five years. This was a critical component of the sale negotiation, as it gives us time to work together to plan deliberately, thoughtfully and responsibly.
Q: Will staff and faculty at VSTC be asked to move to Foggy Bottom?
BF: Although we do not yet have finalized relocation plans for the people, programs and activities currently at VSTC, we acknowledge the real possibility that some programs will relocate to Foggy Bottom. We know that this creates uncertainty for people, and we will do our best to minimize the impact this transition might cause for our colleagues.
However, we also see this as a great opportunity to think creatively about various aspects of the campus and the faculty and staff who work there, and we look forward to including faculty and staff in this process and hearing ideas. Our foremost priority during this transition is to support the people of the VSTC community and the programs they enable and lead.
Q: Will students be able to complete their courses of study and degree programs at VSTC?
JL: Students will be able to complete their courses of study and their degree programs. We are committed to our students and the future of the academic programs currently housed at VSTC. The sale of VSTC provides many opportunities to strengthen and support the School of Nursing.
Q: What does this mean for current and future GW students considering programs currently at VSTC?
JL: The university's commitment to our students and to the academic programs they choose at GW remains the same. There will be no changes to the academic programming available as a result of the VSTC transition at this time. That said, this moment gives us the opportunity to thoughtfully strengthen and evolve how we support and deliver these programs in ways that benefit current and future students and the programs themselves.
Q: How will the proceeds from the sale be used?
BF: Prior to closing, the GW Board of Trustees passed a resolution directing that a significant portion of the proceeds be used to establish a new endowment aligned with GW’s strategic framework, Raising Higher: OneGW’s Path to Preeminence.
Income generated from this endowment will support strategic investments in research and teaching and increase resources available for student financial aid.
Additionally, the board resolution included a proposal from the administration to provide a one-time bonus payment to eligible GW faculty and staff. More information was shared in an email sent to faculty and staff.
Q: Does this sale resolve GW’s structural deficit?
BF: While the sale of VSTC strengthens our overall financial position, it does not resolve the underlying causes of the structural deficit. The recently announced Foundational Excellence Initiative is designed to address issues that contributed to the structural deficit and to identify new opportunities to grow revenue and improve operations.
Q: What does this mean for GW’s future?
BF: The sale of VSTC marks a pivotal moment for GW. It provides significant financial flexibility and supports long-term strategic investments, while reinforcing the university’s commitment to aligning its resources with its academic priorities.
Through this transition, GW remains focused on building a strong foundation for future generations and positioning the university to thrive for decades to come.
Q: How can I be part of the decision-making process over the next five years?
JL: Students, faculty and staff will be included in the transition planning, and we are committed to a smooth, well-planned process that ensures continuity of VSTC programs and services, and supports our colleagues through this transition. We will continue to provide information to the community through emails and updates on virginia.gwu.edu.