As reported by Lisa Wangsness in The Boston Globe, when Hebrew College moved into its brand new Moshe-Safdie-designed building in 2001, it had high hopes. But those hopes were financed by borrowing, perhaps too much borrowing. Now the school is selling its Newton campus and moving into rented space nearby at Andover Newton. The new president says that the school is a community of learners, not a building:

The deal, which relies on private donations as well as the proceeds from the building’s sale, is a painful sacrifice for an institution with dreams of becoming a preeminent Jewish cultural center and academic powerhouse. But it is also a relief: Mortgage and maintenance costs far exceeded the college’s fund-raising capacity, particularly amid an economic downturn that has badly shaken the financial stability of colleges and universities nationwide. In the past three years, Hebrew College has slashed its operating budget nearly in half, and it has no equity in its building.

Lehmann, who replaced the school’s previous leader, David M. Gordis, in 2008, said the debt settlement will reposition the college to continue operating — and growing — albeit in rented quarters.

“We are excited about what our financial stability is going to allow us to do, moving forward — and I can say, taking the pulse of students, faculty, and staff here, that there is a sense of real opportunity and energy in this community about it,’’ he said. “It wasn’t an easy decision but . . . the board and I felt very strongly that Hebrew College is not about a building. . . . This is about a community of learners.’’