Drexel University has a deal in place to sell a Center City medical office building that already has permits approved for conversion into apartments, writes Ryan Mulligan for the Philadelphia Business Journal.
The Arnold T. Berman Building is already under agreement, according to a Drexel spokesperson, although the university did not provide any further details. The permit for the 80,000-square-foot North Broad Street property allows for its conversion into 90 residential units.
The proposed project comes after Drexel consolidated its College of Medicine space into a newly constructed life sciences building in University City.
“This is what I would consider non-core real estate,” said Drexel President Antonio Merlo at the time. “We are definitely going to be consolidating our operation and investing in our core real estate. Then we will decide what’s in the best interest of Drexel vis-a-vis those non-core real estate properties.”
Raymond F. Rola Architecture, a Philadelphia-based firm with experience in multifamily adaptive reuse projects such as Cambridge Lofts and the Fountain in Northern Liberties, is listed as a contractor on the permit.
Read more about Drexel University’s plan to sell its Center City buildings and the plans in store for it in the Philadelphia Business Journal.
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