Rice University recently purchased the building that houses the Urban Outfitters clothing store in Rice Village for an undisclosed amount. The property of 2501 University Blvd. is a two-story, 15,273 square foot building. According to the Houston Business Journal, Rice purchased this property from a local partnership that owned the building for nearly 60 years.

Earlier this year, Rice purchased the Rice Village Arcade Shopping Center, which is located across the street from the new purchase.

Rice Management Company President Allison Thacker said the two recent Rice Village investments are similar acquisitions.  

According to Thacker, the company “strategically invests in properties like these which have the potential to benefit the Endowment.”

Rice’s Director of News and Media Relations BJ Almond said there are no plans for the newest purchase in Rice Village until 2015.