The property is nearly 100% leased to the University ofPennsylvania Health System, John Hancock Insurance, local law firmsand other tenants. GID, which plans to hold the building for sevenyears, finds the area attractive because of its closeness tohigh-end residential areas that drive the demand for offices, saysBill Chiasson, Boston-based GID's director of Eastern regionacquisitions.
Tenant rollover for the building, which was built in 2006, isn'texpected to start until 2012. GID has retained Jones Lang LaSalleto manage and lease the property.
GID purchased the property through its Windsor Realty FundIV-2002 LP, which acquires suburban office buildings. This is theeighth purchase the fund has made. GID also owns 41 apartmentbuildings and three million square feet of industrial space acrossthe country.
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