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Sale-Leaseback Deal Nets Einstein $10M

PHILADELPHIA-LaSalle University acquires Einstein Hospital's 24-acre campus. Einstein will retain ownership of two buildings.

By Marita Thomas | Updated on May 24, 2007

PHILADELPHIA-In a complex, partial sale-leaseback transaction, LaSalle University has acquired Albert Einstein Healthcare Network’s 24-acre Germantown campus and 11 of the 13 buildings on it for $10 million. Einstein will continue to own Germantown Hospital, which has an emergency room, but no beds, and Willow Terrace, its long-term residential care facility, which are both on the land.

In addition, Einstein has signed long-term lease agreements for some spaces in the buildings LaSalle now owns. LaSalle also inherited some independent leases with physicians. A LaSalle spokesman tells GlobeSt.com the acquired buildings aggregate approximately 400,000 sf. Details, including the sizes and terms of the leases have not yet been finalized.

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