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A leading bid has come in for Gershman Hall, the final UArts building for sale through bankruptcy

DSA 401 Lifetime LLC, a Delaware limited liability company, has bid $6.7 million for Gershman Hall, a theater and educational building.

Madison Claus (center) former UArts Administrative Assistant and Arts Staff Union Organizing Committee member, leaves the lectern after speaking during a press conference outside Hamilton Hall on the former University of the Arts Campus in September. State. Rep. Ben Waxman and State Sen. Nikil Saval, who have proposed laws to prevent another collapse like UArts, hosted the event.
Madison Claus (center) former UArts Administrative Assistant and Arts Staff Union Organizing Committee member, leaves the lectern after speaking during a press conference outside Hamilton Hall on the former University of the Arts Campus in September. State. Rep. Ben Waxman and State Sen. Nikil Saval, who have proposed laws to prevent another collapse like UArts, hosted the event.Read moreTom Gralish / Staff Photographer

A leading bid has come in for the final of nine University of the Arts buildings being sold through the bankruptcy process, following the school’s closure last June.

DSA 401 Lifetime LLC, a Delaware limited liability company, has bid $6.7 million for Gershman Hall, a theater and educational building. The company is connected to Lubert-Adler LP, an institutional real estate investment manager based in Philadelphia. Dean Adler, executive chairman, did not return requests for comment on plans for the building.

Competing bids must be submitted by March 24, according to documents filed in U.S. Bankruptcy Court in Delaware.

» READ MORE: UArts’ Hamilton Hall will go to the Philly company that repurposed the Bok Building

If the Gershman bid holds, all nine properties will have been sold, bringing in more than $74 million.

Sales agreements have been finalized for the other eight buildings. Hamilton Hall, UArts’ iconic building on South Broad Street, was sold last month to Lindsey Scannapieco’s Philadelphia company Scout, which intends to preserve it for artist workspaces and use the attached Furness building for subsidized apartments for artists. The sale price was $12.25 million, the second-highest amount of the bids for any of the buildings.

The Art Alliance, which includes a small performance hall, exhibition galleries, and some outdoor space, was purchased by Curtis Institute of Music for $7.6 million. Terra Hall, which had been UArts’ main academic building, went to Temple University for $18 million — the highest sale price — and the Arts Bank building, which included a 238-seat dance and performance hall, was sold to Quadro Bay LLC for $2.71 million. Quadro Bay intends to use the building for residential and possibly commercial purposes.

» READ MORE: Judge approves sale of UArts’ Terra Hall to Temple University for $18 million

Dwight City Group, a commercial real estate investment and asset management company based in New York, with offices in Upper Darby, acquired Anderson Hall, the second-largest of the UArts buildings for sale, for $8.5 million, while 311 Juniper Property Owner, a limited liability company, purchased Juniper Hall, formerly a student residence hall, for $11.6 million. And 1228 Spruce LLC, also a limited liability company, bought Spruce Hall, another former student residence hall, for $7 million.

UArts abruptly closed last June, leaving students and staff scrambling, and the school filed for bankruptcy in September.

The proceeds from the building sales will be used to pay the school’s debt.

Staff writer Harold Brubaker contributed to this article.