Drinker Biddle & Reath LLP advised Main Line Health, Inc. and its affiliate, Main Line Hospitals, Inc. (MLH), in connection with the latter’s acquisition of the St. Charles Borromeo Seminary from the Philadelphia Theological Seminary of St Charles Borromeo, an affiliate of the Archdiocese of Philadelphia. The complicated acquisition involved 17 separate buildings on 72 acres of land, including a palatial college building constructed in 1928.
A team of Drinker Biddle attorneys played a key role in negotiating this acquisition, led by real estate partner Jerald Goodman, with support from associates Megan Lyons, Reuben Asia, Adrian Ciacci, and paralegal Denise Ciampitti, and tax counsel Kaitlin McKenzie and Matthew Meltzer.
The deal was consummated with MLH agreeing to lease back the property to the Seminary for up to five years subject to MLH’s right to use and occupy portions of the site and to commence certain predevelopment work. Drinker Biddle real estate and tax lawyers collaborated on the sensitive terms of the agreement that will allow this historic property to transition smoothly into the MLH network with minimum disruption to the Seminary and Archdiocese.