By Paul Schwedelson – Reporter, Philadelphia Business Journal
The Barrack Family Foundation has donated $10 million to the Jack M. Barrack Hebrew Academy, a gift used by the school to help acquire its portion of the Jewish Federation of Philadelphia's Schwartz campus in Bryn Mawr.
The donation is the largest gift from a single donor in the school’s history and comes as the Federation has been reducing its real estate portfolio. It sold its former headquarters at 2100 Arch St. in Philadelphia in 2023 for $12 million, and has looked to sell off its portfolio of campuses totaling 100 acres with more than 600,000 square feet of building space, including the Schwartz campus.
The Jack M. Barrack Hebrew Academy's acquisition is for two buildings, tennis courts and a soccer field, which make up the school’s portion of the Main Line campus at 272 S. Bryn Mawr Ave. The academy, which had been the largest tenant on the property, will rename its portion of the campus to the Leonard and Lynne Barrack Campus for Jewish Life.
The sale included an 86,500-square-foot building and a 30,054-square-foot building. The school has been located at the site since 2008, shortly after the Jewish Federation bought the entire 35-acre campus in 2007.
“The sale [of 272 Bryn Mawr Ave.] frees up more of the Federation’s resources to advance our mission to enrich Jewish life across the region, making it a win for both organizations and for the Greater Philadelphia Jewish community,” Jewish Federation CEO Michael Balaban said.
A spokesperson for the school declined to say what it paid for the two buildings, though an industry source familiar with the transaction said the deal was for more than $10 million.
Full story: https://tinyurl.com/3hx6wcfh
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