Former GlaxoSmithKline HQ, 16th & Vine

PHILADELPHIA-DeMedici Corporation II says it has signed a deal to acquire the former GlaxoSmithKline’s North American headquarters at 16th and Vine for $29 million.

The new not-for-profit performing arts charter high school operated by String Theory Schools plans to open in the fall at the eight-story building at Three Franklin Plaza, according to the Inquirer. Further terms of the deal were expected to be announced sometime today. The 225,000-square-foot building is owned and operated by Liberty Property Trust.

Once the school opens, it will be the first charter high school in Philadelphia focused on the performing arts.

DeMedici Corporation II expects to finance the property with tax-exempt bonds from the Philadelphia Authority for Industrial Development, says Mary D’Anella, a spokeswoman for String Theory Schools.

“It’s the most exciting high school this city has opened in a generation,” says Angela Corosanite, chief executive officer of the nonprofit String Theory Schools. See story in the Inquirer.