X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA- Eastern University is moving several programs including its new charter school into 60,000 square feet on the former Medical College of Pennsylvania campus at 3300 Henry Avenue. The five-building, 700,000-square-foot facility has been repositioned by Iron Stone Real Estate Cos. as Falls Center, a mixed-use development with 350,000 square feet of office space plus apartment and senior living components.

Iron Stone’s director of operations and investments Jason Friedland tells GlobeSt.com that Eastern University was able to reuse a lot of the existing build out because it was previously operated as a medical college. “They fit well into the space,” he says.

Eastern University reportedly signed a 10-year lease. Asking lease rates at Falls Center range from $13.50- to $22 per square-foot per year, NNN, depending on the size and location of the lease, and the amount of tenant improvements required of the building owner. Friedland declined to comment on the negotiated lease terms, citing client request.

Iron Stone acquired the 12-acre campus two-and-a-half years ago and converted it to market-rate rental apartments; the aforementioned office space; an independent care facility; and retail. Regarding the office space, Friedland tells GlobeSt.com that about 100,000 square feet remains to be leased.

“We can be flexible because we have financing and a [tenant improvement] reserve,” Friedland says.

Other tenants at Falls Center include an Elwyn-sponsored head start pre-school; The Visiting Nurse Association of Greater Philadelphia; Les Petits Cherubs Childcare & Learning Center; a pediatric clinic operated by St. Christopher’s Hospital for Children; and a variety of for-profit medical, clinical and administrative offices.

In addition, local artisan gelato maker Capogiro, which operates a state of the art 12,000 square-foot manufacturing facility at Falls Center, is opening a retail location in the historic Gatehouse on Henry Avenue this summer. A full service fitness center with health, beauty and wellness services and a new senior center are also slated to join the lively mix of tenants at Falls Center.

Eastern University is occupying two thirds of Three Falls Center and the ground floor of Two Falls Center. It is relocating its new Academy Charter School to Falls Center as well as its graduate urban studies program and other classes and programs currently located four miles away at 990 Spring Garden St. in the Poplar neighborhood. The new location also will also provide classrooms, room for student activities and administrative offices for each of these programs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.