Jason Friedland, an Iron Stone partner, said his company agreed to buy that building and other Harrison Street-owned properties under the premise that Drexel would opt to have a new lab facility built for itself in University City within the next few years.
In that case, Iron Stone would aim for a deal with Drexel to renovate its existing lab space at the New College Building to tide over the university until its new facility is completed, Friedland said.
“There are other paths if they say ‘No,’ but we are going to try our best to provide them with something that helps them stay in the city,” he said. “We’ve literally said to them: ‘Just tell us what you need.’”