Tuesday, July 28, 2015

$13M for S. Phila DuPont site 'a steal', says Penn boss

Penn has been offered $16 million for a site it bought last year for $13 million

$13M for S. Phila DuPont site 'a steal', says Penn boss

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The University of Pennsylvania's $13 milion acquisition of DuPont Co.'s 23-acre Marshall Labs on Grays Ferry Ave. across the Schuylkill from Penn's south end was "a steal," Craig Carnaroli, the university's top non-academic officer, told finanical analysts from the CFA Society of Philadelphia at their endowments conference this morning.

How's he figure? "We've already been offered $3 million more," by an unnamed buyer, Carnaroli said. Work continues on a riverside path around the edge of the property, which was in operation since the Civil War, mostly as a lead-based paint plant, before DuPont closed it in 2009. 

Penn didn't buy the property with a grand plan; it was an "opportunistic," deal, Carnaroli said. For now te school, Philadelphia's largest private employer (at around 30,000 jobs, including its hospitals), is looking at the site for "ancillary uses" such as parking. "They do have some labs there that are useful, maybe as swing space," he added.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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