The University of Pennsylvania has sold its 17-acre property in Glenolden that was a vivarium and research laboratory to E. Kahn Development, writes Natalie Kostelni for the Philadelphia Business Journal.
Penn put the property, located at 500 South Ridgeway Avenue, on the market five years ago. The main building is 97,198 square feet, while the seven ancillary buildings total almost 30,000 square feet.
When Penn bought the complex constructed by DuPont in 1978, it had invested $12 million in renovations. Eli Kahn said he considered the property two years ago, but the price was too high.
“I think they were trying to recover a lot of the costs they put into it,” he said.
Kahn revisited the property after the asking price was lowered, but declined to say how much he paid.
According to Kahn, the buildings are well built, walking distance from the train station, and just a few minutes from the Philadelphia International Airport.
“Glenolden hasn’t been known as a hotbed of office, flex, or lab space, but if you look at the macro level and where it is located, it’s got a lot going for it,” he said.
Read more about the Glenolden property in the Philadelphia Business Journal by clicking here.