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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.

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