ACT, the Iowa City-based educational organization, has agreed to sell its Iowa City campus to Iceberg Development Group.

ACT said the sale will not impact its operations, as the organization will continue to work from the Iowa City campus as a tenant, according to KCRG.

“Iceberg Development Group will create a community that offers a variety of housing options while prioritizing partnerships with nonprofit organizations that align with ACT’s historic mission and ensure the betterment of the community,” ACT wrote in a statement.

This announcement follows a May 1 news release from ACT announcing that the nonprofit organization has transitioned to a public benefit corporation, partnering with Los Angeles-based private equity firm Nexus Capital Management.

RELATED: Iowa Board of Regents unlikely to abandon test-optional admissions

Current ACT CEO Janet Godwin will maintain her position as the business transitions to ACT Education Corp., according to the May 1 news release.

Godwin stated this partnership “will complement and amplify ACT’s proven platform of education and work readiness solutions.”

In May 2023, ACT announced the company planned to lay off over 100 employees across 20 states, impacting 13 percent of its Iowa City workforce. In 2022, ACT also sold a building on its campus to the Iowa City Community School District, according to a news release. 

ACT was co-founded by two University of Iowa faculty members, E.F. Lindquist and Ted McCarrel, in 1959. Since establishing its first headquarters on Washington Street in 1960, the company has maintained its headquarters in Iowa City.