Transferring to PennMed: Penn Tower & Blockley

As the University moves forward on Agenda for Excellence, a strategic plan to lead Penn into the 21st Century, we are looking closely at all of our buildings and properties to determine their best use. One recent result of this strategic process was the decision to partner with Barnes & Noble to build the country's first university superstore at 36th and Walnut Streets.

At the end of last week we made another important, strategic decision of this kind. Recognizing that the Penn Tower Hotel, the Penn Tower Parking Garage and Blockley Hall are physically part of the Health System complex and primarily used by it, the University decided to transfer all rights to these facilities and financial responsibility for themto the Health System.

This transfer provides the Health System with the central space and flexibility it must have to meet the changing needs and requirements of health care service delivery and research for many years to come. For the present, the Health System intends to continue to operate the hotel and garage as they are. During the remainder of the calendar year the Health System will study other potential uses of these properties to determine whether alternative uses are feasible and desirable.

In addition, the transfer makes available to the University funds that were invested in or committed to the Penn Tower Hotel and Garage and Blockley Hall Over time, these funds may be used by the University for other important strategic projects.

In legal terms the transfer is from one part of the University to another. All campus facilities are held in the name of the Trustees of the University of Pennsylvania, and this will continue to be the case for the Penn Tower Hotel and Garage and Blockley Hall.

John A. Fry, Executive Vice President


Almanac

Volume 42 Number 33
May 21/28, 1996


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