The Board of Trustees of the Corcoran Gallery of Art in Washington, D.C. announced an upcoming partnership with the National Gallery of Art. The three-year agreement allows the Corcoran to exhibit works of modern and contemporary art from the National Gallery’s collection while the museum’s East Building is under renovation. The Corcoran is working on trimming expenses and has been battling rumors that it will sell its landmark Beaux Arts building due to financial troubles. During the Board’s announcement, officials scrapped any speculation by confirming that the Corcoran will not be moving.

The Corcoran has collaborated with the National Gallery in the past but their new partnership is the most expansive to date. Earl A. Powell III, Director of the National Gallery of Art, said, “We are very pleased to be able to share works from the nation’s collection of modern art with visitors to the Corcoran while our East Building is closed for renovations. We have a history of lending works to the Corcoran, but the larger number of works addressed by this agreement and the increased length of their exhibition at the Corcoran makes this a new development in our long relationship.”

The National Gallery of Art is expected to close for renovations beginning next year.