Einstein’s Germantown Hospital Property Sold to La Salle University
$10 million transaction a “win-win-win” for Community, Einstein, La Salle
Philadelphia, PA, May 23, 2007 -- Albert Einstein Healthcare Network and La Salle University today celebrated the sale of Einstein’s Germantown Hospital buildings
and property to the University, which will convert it into the “West Campus.”
The $10 million acquisition of 24 acres of the campus will allow additional space to enhance the educational experience of
La Salle’s 6,200 students. At the same time, Einstein will continue to provide clinical services from the Germantown campus
to the community without interruption.
Furthermore, no jobs will be lost in the transition as Einstein leaders worked closely with those employees most affected,
namely a dozen maintenance and engineering employees. 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,” said Barry R. Freedman, President
and CEO of Albert Einstein Healthcare Network. “This agreement can be called a win-win-win for Einstein, La Salle and the
Germantown community.”
“We are very excited about the opportunities this acquisition represents,” said Brother Michael J. McGinniss, President of
La Salle. “When combined with La Salle’s recent purchase of adjoining property, the development of a shopping center near
this location, and a major renovation and expansion of our Science and Technology Center, the University is not only advancing
La Salle but also the surrounding community.”
At an event at the Germantown Hospital lobby attended by elected officials, community leaders, and staff and board members
of both institutions, Mr. Freedman and Brother Michael signed an agreement that marks the successful end of many months of
work.
The transaction has been very complex. La Salle has inherited some independent leases with physicians. Einstein has retained
ownership of two buildings, Penn Tower and the Long Term Structured Residence. A condominium association has been created
to oversee campus operations, and Einstein also has entered into long-term leases with La Salle for some spaces. Certain areas
on the campus, including the loading dock and roads within the campus, will be considered common areas and will be shared
by both Einstein and La Salle.
La Salle’s immediate plans for the West Campus include the relocation of some administrative offices this summer and the relocation
of the School of Nursing and Health Sciences in December.
In his remarks at the ceremony, Br. Michael also announced that La Salle has been awarded a $200,000 grant from the William
Penn Foundation to help the University, in partnership with the community, plan and develop several large-scale projects that
will have a dramatic impact on the quality of life in the neighborhoods surrounding its campus.
The agreement is just the latest demonstration of the mutual commitment of Einstein, located at 5501 Old York Road, and La
Salle, located about five blocks west on Olney Avenue, to their local communities.
Last year, Einstein and La Salle launched an innovative Nursing Careers Program Partnership, providing hands-on work experience,
mentoring, financial support, and guaranteed jobs to 10 nursing students from North and Northwest Philadelphia who matriculate
at La Salle’s School of Nursing and Health Sciences. Einstein is paying fully for the program. La Salle and Einstein also
cooperate to provide enhanced security, including new lights, cameras and escort services, along the Olney Avenue corridor.
About Albert Einstein Healthcare Network
Albert Einstein Healthcare Network, is a 1,200 bed integrated delivery network serving the communities of North Philadelphia
and Montgomery County, PA. A founding member of the Jefferson Health System, Einstein combines the best of academic medicine
and community service, employing nearly 7,000 people, and offering training programs for physician residents and fellows,
nurses and other health professionals. The Network provides healthcare services through the Albert Einstein Medical Center
and Einstein at Elkins Park hospitals, its MossRehab and Belmont Behavioral Health divisions, Germantown Community Health
Services, Willow Terrace (a nursing home), Willowcrest (a center for subacute care), outpatient facilities such as Center
One and Einstein Neighborhood Healthcare, network of primary care and specialist practices throughout the community. For more
information, visit or call 1-800-EINSTEIN.
La Salle is an independent, comprehensive, coeducational university founded in Philadelphia in 1863 by the De La Salle Christian
Brothers, a Roman Catholic order dedicated to teaching and career preparation. The University enrollment is approximately
6,200 undergraduate and graduate students. More than 60 academic concentrations are offered within three schools (Arts and
Sciences, Business, and Nursing and Health Sciences) and the College of Professional and Continuing Studies. For more information
about La Salle, go to www.lasalle.edu.
CONTACT:
Alexis Moore
Director of Communications
Albert Einstein Healthcare Network
215-456-6734
Joe Donovan
Asst. V.P. Marketing
La Salle University
215-951-1849
Publish date: May 23, 2007
