As GlobeSt.com previously reported, the Sant affiliate acquired the building in late March for $19.3 million. The latest transaction represents a gain of nearly $3.5 million, or about $28 per sf. A representative of World Acquisition Partners, who spoke on condition of anonymity, confirms the recent sale to AFIAA and tells GlobeSt.com, "we're in the business of buying and selling real estate, but we didn't buy this with the idea of selling. We don't look for a buyer first and then acquire a property."

This is AFIAA's second Center City office acquisition within six months. It follows the November 2005 buy of One City Place, a 14-story, 195,000-sf building at 1401 Arch St., for $24.8 million, or just over $127 per sf. The New York City-based PG Williamson Group, led by Paul Williamson and Paul Chester, represented AFIAA in both the Market Street and Arch Street transactions. The seller was represented in house.

Paul Chester tells GlobeSt.com that occupancy at 1760 Market is more than 92% and the rental rates are in the mid- to low $20s per sf. The 14-story, 122,000-sf class A property was built in 1980. Among the tenants are the Federal Transit Administration, Kelly Services Inc., Philadelphia Trust and Washington Mutual Bank.

At the time of the purchase of 1401 Arch, Hans Jurg Stucki, managing director of AFIAA and chairman of its US affiliate, told GlobeSt.com the company wanted to buy additional buildings in Philadelphia. "We like older, landmark trophy buildings," and "we like government-rented buildings," he said. Following the Market Street transaction, Chester says his client is continuing to look at additional assets here. In English, AFIAA stands for Foundation for International Real Estate Investments. The company makes direct investments in real estate assets on behalf of tax-exempt Swiss pension organizations.