Updated: April 22, 2015 at 9:40 a.m.

GW has sold the Fillmore building to a nonprofit called the S&R Foundation, the University announced Tuesday afternoon.

The S&R Foundation supports individuals in the arts, sciences and social entrepreneurship, with an eye toward increasing international partnerships in those fields, according to a release. The Georgetown building, which was acquired by GW as part of its merger with the Corcoran College of Art + Design last year, will be turned into a space for aspiring artists, representatives from both parties said in a release.

TTR Sotheby’s International Realty, the firm tasked with selling the property, had hoped to sell the building for about $14 million when it went on the market in January. University spokeswoman Candace Smith said because the contract for the sale likely won’t be signed until this summer, the amount GW will receive won’t be finalized until then.

Sachiko Kuno, the president and chief executive officer of the S&R Foundation, said in a release that officials at the nonprofit are hope to support local artists, “especially those from underserved communities.”

“Through S&R’s expansion of arts education at the Fillmore School, we will continue S&R’s commitment to supporting excellence in artistry, innovation and entrepreneurship in an environment that encourages international collaboration,” Kuno said.

Funds from the sale will go toward programs in the Corcoran School of the Arts and Design and help cover costs to renovate the Corcoran’s 17th Street building, where many of the school’s classes are held. University President Steven Knapp said last summer that the renovation costs would total about $80 million.

This post was updated to reflect the following correction:

The Hatchet incorrectly reported that TRR Sotheby’s International Realty was the listing agent for the Fillmore building. The company is called TTR Sotheby’s International Realty. We regret this error.