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August 31, 2007, 08:44 AM ET

U. of Pennsylvania Set to Announce Big Land Deals, 2 New Towers

The University of Pennsylvania’s five-year effort to purchase a vast U.S. Postal Service distribution facility and other property near Amtrak’s 30th Street Station is paying off. According to The Philadelphia Inquirer, the university signed a deal for the Postal Service property last month and is set to announce plans to devote part of it to two new towers designed by Cesar Pelli’s firm, Pelli Clark Pelli Architects.

The university has negotiated a 90-year contract with a developer, Brandywine Realty Trust, for the two towers — a 40- to 50-story office building and a 25- to 30-story residential building. The university also plans to convert the main building of the post-office complex — an 862,000-square-foot behemoth — into offices for 5,000 employees of the Internal Revenue Service.

The 14-acre parcel of land assembled for the project expands the university’s campus to the edge of the Schuylkill, from which it will face downtown Philadelphia, an easy walk away. The university has already converted several former industrial buildings in the area, among them a large old warehouse that now includes apartments and retail space as well as offices for the university’s facilities managers and others.

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