Why is Penn no longer interested in owning the main post office building?
Penn did not have a suitable need for a building of that size, and the alternative of mothballing the building would have left it empty and underutilized for years. The desired outcome for our campus development plan is to accelerate economic development and reposition the industrial character of the area. By working with the USPS and Brandywine Realty Trusts, we found an exciting opportunity meet our goals. Also, a non-profit University cannot take advantage of historic tax credits offered by the Federal government in preserving the building, and so it is more efficient for the private market to preserve and invest in the redevelopment effort.
