The board of the James J. Hill Center sold the 100-year-old property this week to a cultural preservation real estate firm.

The June 15 sale to Minneapolis-based First & First does not involve the adjacent St. Paul Public Library. The sale price was not disclosed.

The center opened in 1921 with a gift from the estate of Minnesota's famed railroad and industrial tycoon James J. Hill.

The three-story, 43,776-square-foot center, designed in the Italian Renaissance style, was placed on the National Historic Register in 1975. It was originally established as a free reference library to be used by St. Paul residents.

As the internet siphoned off users of its vast collection of business reference materials, the building has been used as a business, wedding and events space for years as the board struggled with how to make caring for the historic structure financially feasible. The building, previously known as the James J. Hill Reference Library officially became the James J. Hill Center in 2013.

Going forward, the center will continue as an event space, said officials with First & First, which preserves and redevelops historic buildings around the metro area. Its projects include Aria and Icehouse Plaza in Minneapolis and the Vandalia Tower complex in St. Paul.

"We are tremendously excited to embrace the stunning architecture and aesthetic grandeur of the J.J. Hill Library," said First & First Chief Executive Peter Remes. "We intend to make the necessary improvements so we can reopen the doors to a vibrant platform of arts, cultural, musical and social events that serve greater St Paul and the community at large."

In announcing the sale, James J. Hill Center board chair Pat Moran said late Wednesday that he is "excited to see what the future holds for both the Library Building and the [board.]"

CBRE represented the board in the transaction, while Milestone Real Estate Partners represented the buyers.

Jerry Driessen, with CBRE, noted that "This space has a rich history that will be a part of the community for generations to come. We were honored to showcase the highlights of this community institution that had never been on the market before."