Saturday, February 13, 2016

$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


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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About this blog

PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at, 215.854.5194, @PhillyJoeD. Read his blog posts at and his Inquirer columns at Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph N. at or 215 854 5194.

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