The 128,000-sf building is in the new 210-acre Ellis Preserve,at the intersection of Newtown Road and West Chester Pike. BPGDevelopment, also an affiliate of BPG Properties, is creating amixed-use center here, the former home of Ellis College. The EllisCultural Conference Center, a cafeteria, an athletic center andseveral historic cottages are already on-site.

The proposed mixed-use center is planned adjacent to Main LineHealth's build-to-suit. The Ellis Preserve Town Square will includemore than 400,000 sf of retail space, 500,000 sf of office spaceand more than 200 residential units.

The Commercial Mortgage division of Allstate Real EstateInvestment Group provided a 6.8-year, $37-million fixed-rate loanfor the acquisition. Thompson Maher of Wachovia Maher Partners wasthe financial intermediary. Main Line Health runs four suburbanPhiladelphia hospitals in Bryn Mawr, Malvern, Wynnewood andPaoli.

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