News
Former Medical College of Pa. Building Gets New Tenant in Elwyn
August 3, 2007
by Natalie
Kostelni
Elwyn Inc. leased space at the former Medical College of Pennsylvania, creating a new mini-anchor for the mostly vacant sprawling campus.
Elwyn will move into 25,000 square feet at 3300 Henry Ave. in Philadelphia. The organization, which provides services and programs to disadvantaged and disabled adults and children, will house a pre-school and early intervention program for children with autism spectrum disorder. Elwyn will relocate and expand from 10,000 square feet at 121 N. 8th St. in Philadelphia. The 10-year lease was arranged by MS Fox Realty, which represented the property owner, and CB Richard Ellis representing Elwyn.
"Elwyn brings activity and gets the ball rolling," said Gary Gordon,
vice president of Iron Stone Real Estate Cos. of Roxborough. "I think
it's a nice fit." Elwyn will have 55 employees and will move in December.
Last year Iron Stone bought the MCP campus, which has 630,000 square feet in
four large buildings on 15 acres. It was virtually empty with the exception
of a few small tenants.
Iron Stone is looking at the property as a long-term project in which it will eventually invest $25 million in upgrades. It so far has put in $3 million in improving the heating, cooling and elevator systems. The property has a large amount of administrative space as well as specialized space such as lab, dormitories, an auditorium with classrooms as well as surgical suites that were renovated by the hospital in 2004 and could be used for outpatient surgical practices, Gordon said. There's even a large commercial kitchen in which Iron Stone has approached culinary schools to use.
http://philadelphia.bizjournals.com/philadelphia/stories/2007/08/06/newscolumn1.html
