Penn Medicine, REIT Invest $72M In Hospital High-Rise

Law360, New York (October 25, 2011, 2:23 PM EDT) -- The University of Pennsylvania's health system will invest $22 million in a hospital facility to be built on top of an existing parking structure, with an additional $49.6 million coming from international real estate investor Liberty Property Trust, the companies said Monday.

Pennsylvania Medicine has signed a 20-year lease for the 153,242-square-foot high-rise at the corner of 8th and Walnut streets in Philadelphia, which is scheduled to open in late summer 2013 above a parking structure owned by developer Parkway Corp.

The project, called Pennsylvania Medicine...
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