Sunday, July 22, 2018

Falls Center hits a major benchmark for Iron Stone

Natalie Kostelni Reporter Philadelphia Business Journal
When Iron Stone Real Estate bought the former Medical College of Pennsylvania at 3300 Henry Ave. in the East Falls neighborhood of Philadelphia, it envisioned filling its five main, empty buildings totaling 700,000 square feet with office and medical uses.

That was a big lift but when the real estate company switched its focus to mixed-use, it found the burden was a bit easier to tackle though it took some time and patience. It’s been 12 years and what is known as Falls Center has reached a major milestone in its repositioning.

“We are nearing 100 percent occupancy,” said Jason Friedland of Iron Stone. “This will be the first time but for some small space, it is full.”

While the company was able to successfully attract a mix of tenants to the space, significant inroads were made in 2009 when Iron Stone was able to take 180,000 square feet and convert it into student housing for Philadelphia University. When the school was acquired last year by Jefferson University, the school gave notice it no longer needed the student housing. This gave Iron Stone a chance to renovate the space into 131 market-rate apartments and brand it as the Preston at Falls Center. That project is costing $3 million and will be completed this summer.
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