Sunday, March 29, 2015

Questions after Perelman's $25M Penn gift

Who's taking over the prime Econ and Poli Sci office sites?

Questions after Perelman's $25M Penn gift

Ronald O. Perelman <br />(Photo credit: Bryan Adams)<br />
Ronald O. Perelman (Photo credit: Bryan Adams)

Billionaire Penn graduate and master holding-company investor Ronald Owen Perelman's $25 million gift to Penn to purchase the old West Philadelphia Trust Co. building at 36th and Walnut Sts. for the Economics and Political Science departments - raises some interesting questions the grateful university hasn't publicly addressed:

What happens to the current Economics office and classrooms at McNeil Hall, south of Locust Walk, and Political Science, in Steitler Hall nearby?  Both are on the edge of the expansive Wharton complex.

Penn tells us the new site is in the "heart" of the campus. It is indeed south of, say, English House, or the Law School, and in line with the Bookstore. But it is also farther from the center of things. An older building, with a smaller footprint. Are those departments moving toward the margins?

"It's too early to answer your questions about the plans for Econ and political science," wrote back Penn spokeswoman Phyllis Holtzman soothingly. "We are just announcing the gift. It's very early days on that and there are no other specifics yet."

No further comment from Penn, either, on the work that's already started on what sources tell me is a high-rise Penn student residence to be built by Georgia-based Crest Campus Communities at 3720 Chestnut St. on a site owned by Penn and developed by Brandywine Realty Trust, permitted for a 36-story tower. (More on site prep there at SkyscraperPage Forum here.)

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at or 215 854 5194.

Joseph N. DiStefano
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