GW is $2.5 million richer than it expected to be.

The Fillmore building that GW acquired in the Corcoran College of Art + Design merger sold to S&R Foundation for $16.5 million, the Washington Business Journal reported Wednesday. The building came on the real estate market in January, when GW asked $14 million for the complex that used to house art studios and class space for the art school.

The University announced the sale to the S&R Foundation in April, but declined to provide the selling price because the deal was not yet finalized. The Journal reported that bids from other potential buyers exceeded the $16.5 million closing price.

Funds from the sale will go toward programs in the Corcoran School of the Arts and Design and to help cover the costs of renovations to the Corcoran’s 17th Street building, which University President Steven Knapp estimated last year to total around $80 million.

TTR Sotheby’s International Realty represented GW in the sale to the nonprofit S&R Foundation, which will use the property as a space to promote the arts Washington Fine Properties represented S&R Foundation during the negotiations.