BOSTON— Hellenic College & Holy Cross Greek Orthodox School of Theology (HCHC) in Brookline is nearing the sale of up to 25 acres of land for conservation, a transaction expected to generate about $25 million for the institution’s endowment and help secure its long-term financial future, according to reports by the Boston Business Journal (BBJ) and Boston.com.
According to BBJ, the school’s board of trustees unanimously voted earlier this month to move forward with the sale of approximately 25 acres to a conservation-focused entity. All proceeds from the transaction will be directed into the school’s endowment, a move leaders say will provide a steady source of annual income. BBJ reported that the sale values the land at more than $1 million per acre, potentially generating up to $1.2 million annually in interest income, assuming a 4% return.
Boston.com reported that the land sale comes at a time when many small colleges across Massachusetts are struggling financially. HCHC, however, has taken what it described as a different approach by monetizing undeveloped land while preserving it for public benefit. According to financial statements cited by Boston.com, the school’s endowment stood at just over $38 million as of June 30, 2025, up from $28.5 million in 2019, reflecting a steady turnaround over the past five years.
The BBJ noted that despite recent growth in its endowment — which reached $44 million by the end of fiscal 2023 — the institution has faced operating losses in recent years, including a nearly $900,000 loss in fiscal 2023. School leaders have said the land sale is a key step toward stabilizing finances and supporting long-term planning.
According to BBJ, the buyer is The Lyme Timber Co., a private investment management firm focused on forest-related investments in the U.S. and Canada, acting as an agent for a special-purpose entity backed by private philanthropic support. The land will ultimately be placed under the stewardship of The Trustees of Reservations, the nation’s oldest statewide conservation nonprofit.
Boston.com added that the undeveloped parcel abuts the Emerald Necklace park system near Jamaica Pond and will be preserved as publicly accessible green space with maintained trails and paths. School officials said the land’s steep grade and ecological value made it largely non-developable and, over time, a safety concern and potential liability for the campus.
After the sale, HCHC will retain about 30 acres of developable land in Brookline to accommodate future institutional needs, according to both BBJ and Boston.com. The school currently uses about 22 acres as its active campus.
President Demetrios Katos described the move as part of a broader strategic shift. “We’re at a moment of transformational change at HCHC,” Katos said in a statement quoted by Boston.com, adding that a newly approved five-year plan aims to expand academic programs, grow enrollment to 500 students, increase revenue, and strengthen cash flow.
The announcement of the land sale follows another significant boost for the institution. Both BBJ and Boston.com reported that HCHC recently received its largest grant ever — a $7.4 million award from the Lilly Endowment — to support a redesign of its Master of Divinity program and the creation of an intensive parish internship practicum.
Archbishop Elpidophoros, chairman of the board of trustees, called the land sale a win for both the school and the broader community. “It secures the beauty of God’s creation for future generations while at the same time securing the permanence of funding for our beloved school,” he said, according to Boston.com.
Hellenic College is an independent, accredited institution affiliated with the Greek Orthodox Archdiocese of America, comprising an undergraduate liberal arts college and a graduate school of theology focused on preparing clergy and lay leaders for the Orthodox community.
