Boston University has struck a deal to sell the BU Theatre and two adjoining buildings on Huntington Avenue for $25 million.

An investment group that's working with Boston-area developer John Matteson is purchasing the property where the Huntington Theatre Company has staged productions — rent free — for 34 years.

The school announced it was putting the 890-seat venue on the market in October, which raised concerns for the future of the Huntington.

According to BU Today, Matteson says he's currently talking with the leadership of the Huntington about a possible future together.

“We are fans of the theater. We would like to make sure that we maintain a theater on the Avenue of the Arts, as that part of Huntington Avenue is designated," he told BU Today.

Gary Nicksa, Boston University's senior vice president for operations, says the Huntington will have use of the space rent free through June 2017.

"After that the theater company I'm sure will be in discussions with the buyer to see if there was some form of partnership that they might do, but that's really between the theater company and the buyer," Nicksa told WBUR.

Boston University has owned the theater for 62 years. The school plans to use the $25 million from the sale to pay for a new performance space on Commonwealth Avenue, on its main campus.