Please Touch Gets a Taker

After four years on the market, Philadelphia’s Please Touch Museum sold its old building near the Franklin Institute to the Isen Trust.

“This is a credit positive for the not-for-profit organization after charitable contributions failed to meet expectations since the beginning of the economic downturn,” Janney Capital Markets wrote in a report.

According to the Philadelphia Business Journal, the buyer plans to use the 70,000-square-foot property on North 21st Street as an art gallery and art store. Binswanger Management Corp. arranged the sale. The price has yet to be disclosed.

Standard & Poor’s in January revised its outlook to negative from stable for 2006 revenue bonds issued by the Philadelphia Authority for Industrial Development on behalf of the Please Touch Museum, while affirming its BBB-minus long-term rating.

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Pennsylvania
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