One of the nation’s oldest museums, known for its daring contemporary art exhibitions next to the White House and for its financial troubles, is being taken over by two larger institutions and will soon close for renovations.

Under an agreement signed Thursday, the long-struggling Corcoran Gallery of Art and its College of Art and Design will merge with George Washington University and the federally funded National Gallery of Art.

The three sides agreed the Corcoran will close around Oct. 1 for an undetermined amount of time and undergo renovations. When it reopens, it will offer free admission like the National Gallery’s other buildings on the National Mall.