La Salle buys Germantown Hospital, land for expansion

They called it a "win-win-win" situation. It was the sale, finalized yesterday, of Germantown Hospital and its property to La Salle University.

Barry R. Freedman, president and chief executive of Albert Einstein Healthcare Network, of which Germantown is a part, said the 24 acres of the hospital will be sold to La Salle for $10 million.

The acquisition will enable La Salle to improve its educational offerings to its 6,200 students. The new Germantown property will be converted into the university's "West Campus."

"At the same time, Einstein will continue to provide clinical services from the Germantown campus to the community without interruption," Freedman said.

He added that no jobs will be lost in the transition as Einstein leaders have worked closely with those employees most affected, namely a dozen maintenance and engineering employees.

He said La Salle recognized their expertise and talent and offered them the opportunity to join La Salle's staff, which they accepted.

"We are delighted to have this opportunity to support our neighbor in achieving their strategic goals through this sale, which allows underutilized space to be converted into La Salle's West Campus while Einstein continues to serve the community's health needs," Freedman said.

"This agreement can be called a win-win-win for Einstein, at 5501 Old York Road, La Salle, located about five blocks west on Olney Avenue, and the Germantown community," he said.

The final agreement was signed yesterday by Freedman and Brother Michael J. McGinniss, La Salle president, at an event in the Germantown Hospital lobby.

La Salle's immediate plans for the West Campus include the relocation of some administrative offices this summer and of the School of Nursing and Health Sciences in December.

McGinniss also announced that La Salle has been awarded a $200,000 grant from the William Penn Foundation to help develop "several large-scale projects that will have a dramatic impact on the quality of life in the neighborhoods surrounding its campus." *