The Jewish Federation of Greater Philadelphia is shedding real-estate assets, including three Montgomery County campuses. Paul Schwedelson reported the initiative in the Philadelphia Business Journal.
The organization is transitioning away from real estate ownership, in which it is asset heavy, owning more than 600,000 sq. ft. of regional business space.
One is an office building on Arch Street in Philadelphia, which was sold recently for $12 million. Its primary function was as meeting space; the onsite 250-seat auditorium provided a suitable federation setting but was only used twice annually. And then sat empty.
The Montgomery County asset headed to market are:
- The Schwartz Campus, 272 S. Bryn Mawr Ave., Bryn Mawr (35 acres, 212,577 sq. ft. buildings totaling 212,577 sq. ft.)
- Mandell Education Campus, 7601 Old York Road, Elkins Park (28.6 acres, buildings totaling 116,461 sq. ft.)
- Saligman Campus, City Avenue and Haverford Road, Wynnewood (21.3 acres buildings totaling 130,000 sq. ft.)
One Philadelphia campus is also up for sale.
“Jewish Federation does not want to be in the real estate business,” said Michael Markman, board member. “It’s not necessarily what we should be doing.”
Federation president Michael Balaban agreed, saying, “We never intended to be landlords.”
More on the Jewish Federation is at the Philadelphia Business Journal.
An overview of the Jewish Federation of Philadelphia.