Iron Stone Real Estate Inks 20,000 SF Lease with The Barber National Institute at Falls Center
The Dr. Gertrude A. Barber National Institute ("Barber") has signed a new lease at Falls Center, located at 3300 Henry Avenue in East Falls. Barber is moving its local operations into 20,000 square feet at Falls Center, which was the home of the historic Women's Medical College and the former MCP Hospital.
The facility is owned Iron Stone Real Estate.
Falls Center has seen very strong leasing activity in recent months, with 210,000 square feet of leased space to date. In July Iron Stone also brought in a new investment partner, Chevron U.S.A., Inc., and closed a significant construction loan from Maryland-based Capital Source to complete the build out of the professional office portion (approximately 350,000 square feet) of Falls Center. Chevron is investing equity in the project as a result of the historic rehabilitation tax credits generated by the investment (Falls Center is listed on the National Register of Historic Places).
In addition to Barber, the new Eastern University Academy Charter School formally opened on September 1 with approximately 100 students from grades seven and nine, and Les Petits Cherubs Learning and Child Care Center recently opened its doors and is currently enrolling children.
Falls Center is situated on 12 landscaped acres with panoramic views of the entire city. Its location on Henry Avenue and proximity to the junction of Route 1 and I-76 provides access to anywhere around the city. The complex consists of four main buildings, a smaller gatehouse at the main entrance and a 500-space multi-level parking garage along with 600 surface parking spaces. The facility was previously home to the historic Women's Medical College, the first medical school for women in the United States.
The master redevelopment plan for the site includes market-rate rental apartments; leased office including commercial, educational, medical, hospice and laboratory sciences space; a independent senior living apartments; and convenient retail.
"Our new refinancing demonstrates the confidence that the market and our partners have in the Falls Center project," said Andrew Eisenstein, Managing Director, Iron Stone Real Estate Companies. "We will now be able to complete the build out of the office portion at Falls Center and continue to make improvements to our campus that benefit our tenants and the greater community."
Current tenants at Falls Center include Elwyn Seedlings (a pre-school program serving children on the autism spectrum), The Visiting Nurse Association of Greater Philadelphia, a pediatric clinic operated by St. Christopher's Hospital for Children, and a variety of for-profit medical, clinical and administrative offices. In addition, the legendary Philadelphia artisan gelato maker Capogiro, which operates a state of the art 12,000 square-foot manufacturing facility at Falls Center, is getting ready to open a retail location in the historic Gatehouse on Henry Avenue. A full service fitness center with health, beauty and wellness services and a new senior center are also slated to join the lively mix of tenants at Falls Center.
Iron Stone is a group of investment companies with target acquisitions that include commercial, residential, retail, hotel, industrial, office and mixed-use properties in Philadelphia and surrounding counties with untapped possibilities for adaptive reuse, renovation or market repositioning.
Since 1952, the Barber National Institute has offered a complete range of services for children and adults with developmental disabilities and their families that includes early intervention for infants and toddlers, an inclusive preschool, an Autism Center of Excellence, an approved private school, job training and placement, residential options including community group homes, lifesharing and supported living programs, in-home services, specialized therapies and behavioral therapy, a creative arts program and a retirement center.
Eastern is a Christian University of the arts and sciences that enrolls approximately 4,000 students in its undergraduate, graduate, professional, urban, international, Ph.D. and Seminary programs.
Les Petits Cherubs is a licensed, private learning and child care center, operating year-round Monday thru Friday, 6:00 am to 6:30 pm. The Center offers a limited number of enrollments to children of 6 weeks through 13 years old, including infant, toddler, preschool, pre-kindergarten and kindergarten programs, before and after care programs for school age children through 13 years of age, along with a Summer Camp program and holiday care program.
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