PHILADELPHIA-Fresenius Medical Care has signed a lease for a full 30,000-sf building at Budd Commerce Center. The Germany-based provider of products and services for people with chronic kidney failure plans to operate a kidney dialysis center on the site. Fresenius operates a network of more than 1,670 dialysis clinics worldwide.

Conshohocken-based Preferred Real Estate Investments is redeveloping the 75-acre former Budd Co. manufacturing site. Preferred VP TJ Doyle tells GlobeSt.com the lease is for a 10-year term. He declined to disclose the aggregate value of the transaction. On condition of anonymity, a broker familiar with Budd-site properties tells GlobeSt.com the value of the transaction is approximately $6 million.

Doyle says the industrial building, completed in the 1950s, is a former wood-pattern building shop that is now registered with the historical society. "We are renovating it to historically correct standards."

The center will have the capacity to provide treatment for approximately 360 patients a day. "The opening of this dialysis unit will help to fill a hole created by the closing of the [nearby] Medical College of Pennsylvania," says Mike O'Neill, CEO of Preferred.

This is the fifth tenant and second medical provider to lease at the Budd center. Temple University Health Systems is relocating its corporate headquarters and administrative operations there this spring. The Salvation Army is developing a community center in the complex and Trump Entertainment & Resorts has a ground lease there for a $350-million casino, provided it is granted one of the two gaming licenses to be awarded by the state for Philadelphia.