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University Communications

May 23, 2007

La Salle University Buys
Einstein’s Germantown Hospital Property

Albert Einstein Healthcare Network and La Salle University today (May 23) celebrated the sale of Einstein’s Germantown Hospital buildings and property to the University, which will convert it into the ”West Campus.“

La Salle University Buys Einstein’s Germantown Hospital Property
La Salle President Brother Michael J. McGinniss, F.S.C., Ph.D., and Barry R. Freedman, President and CEO of Albert Einstein Healthcare Network, at the May 23 ceremony.

“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.”

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. Additionally, 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.

Barry R. Freedman, President and CEO of Albert Einstein Healthcare Network, said, “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. This agreement can be called a win-win-win for Einstein, La Salle and the Germantown 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, 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.

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.