Thomas Jefferson School of Law announced it is moving from its location on Island Avenue to 701 B Street.

The downtown law school plans to complete its move in the fall.

The relocation marks a major milestone in the institution’s Moving Forward plan, the law school said in a statement June 7. The plan, laid out by Dean Joan Bullock earlier this year, takes in three core concepts: right-sizing, reallocating and repositioning.

The school said a reduced footprint and overhead will let it reallocate funds to provide scholarship opportunities for students.

“We are thrilled about taking the first step in our Moving Forward plan with a campus that puts Thomas Jefferson School of Law in the heart of our city and community while making important investments in our students’ education,” Bullock said in a prepared statement.

In the same announcement, the school said it had a debt-free balance sheet.