Harvard University, with an endowment of $32 billion the nation’s richest school, also heads the list of debtors, with $6 billion owed. The school recently unloaded the Arsenal office complex in Watertown for $168.5 million, which it purchased for $162.6 million in 2001. The school was on a buying binge, and clearly had no plans for the property. Lots of money, but no vision, no plan.
The pile of masonry that houses St. Elizabeth’s Medical Center continues to grow. The steel frame of the latest addition, three stories on top of the recently added three story emergency room, was recently completed. The new construction was part of an agreement that the owners of the for-profit facility, Steward Health Care a.k.a Cerebus Capital Management, agreed to when they bought the hospital. The Attorney General’s office, which oversees implementation of the agreement, has released a report stating that first year goals were met. Financially, the chain is losing money on its Boston area operations.