By John George and Paul Schwedelson – Philadelphia Business Journal
Children’s Hospital of Philadelphia is expanding its King of Prussia footprint, paying $24.5 million for a 97,290-square-foot office building at 460 N. Gulph Road.
The building is across the street from CHOP’s nearly two-year-old Middleman Family Pavilion and its adjacent specialty care center.
CHOP bought the property from UGI Corp., which acquired the 39-year-old building in 1993 for $9.1 million. In May the Business Journal reported UGI Corp. (NYSE: UGI), an oil and natural gas company, was moving its headquarters a half-mile west from 460 N. Gulph Road to 500 N. Gulph Road. The move represented the flight-to-quality trend as the Brandywine Realty Trust-owned 500 N. Gulph Road building underwent a $29.7 million renovation in 2019.
CHOP's plans for the five-story building at 460 N. Gulph Road are unclear.
“We acquired the property as part of our facilities roadmap to ensure access to high-quality, convenient care for our patients when and where they need it,” a CHOP spokesperson said in a statement. "While we do not have specific use plans to share at this time, our focus has been on operationalizing and maintaining the property as an important part of our footprint.”
CHOP has had a presence in King Prussia since the 1990s, initially with two care sites near the King of Prussia Mall.
In 2015, CHOP opened a 135,000-square-foot specialty care and ambulatory surgical center on Goddard Boulevard, at a cost of $65 million, as a replacement facility for its two pediatric care sites a few miles away.
The center features 68 exam rooms, two operating rooms, three therapy gyms and an urgent care center. It is home to physicians in more than 30 medical and surgical subspecialties including cardiology, audiology, gastroenterology, hematology, oncology, otolaryngology, and neurology.
The expanded space in the new center was designed to allow CHOP to provide care to 400 patients a day, up from 300 a day at the sites it replaced.
Full story: https://tinyurl.com/2p9957d5
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