The school first opened in 1865 and is one of the oldest catholic academies for young women in Chicago.
"As an alum, it's very very sad, and as the president, it's very very sad," said Loretta Namovic, president of St. Scholastica Academy.
This is one of the last opportunities for alumni to spend time at their alma mater.
"Pretty awful. I just hope whoever moves in here appreciates this place," said alum Mary McGrady.
"There's not really another place like it," said alum Mary Jewers. "It's very special to us."
Graduates spent time looking at class photos and buying school memorabilia.
A decade of sliding enrollment and dwindling donations have forced the Benedictine Sisters of Chicago to close the school this June.