NEW YORK, NY -- AFIAA, a leading investment advisor for pension funds in Switzerland, has acquired One City Place at 1401 Arch Street, a fixture of central Philadelphia that houses state and local government offices.
The transaction, completed November 15, was recorded at a purchase price of $24.8 million. AFIAA U.S. Real Estate, Inc., a New York-based unit of AFIAA, was represented by The P.G. Williamson Group in the transaction; Paul Williamson and Paul Chester were the brokers. The seller was B&A Investment Associates, L.P.
Located on the northwest corner of Broad and Arch Streets in Center City, 1401 Arch Street is a 14-story Class A structure with 195,000 gross square feet constructed in 1923 that is fully leased to the First Judicial District of the Commonwealth of Pennsylvania and to the Philadelphia Authority for Industrial development (PAID) agency, together with retail tenants. Adjacent to City Hall and the Municipal Services Building, 1401 Arch is directly across from the site of the main entrance of the soon-to-be-expanded Pennsylvania Convention Center.
AFIAA, which in English stands for Foundation for International Real Estate Investments, makes direct investments in real estate assets on behalf of tax-exempt Swiss pension organizations. Established in 2004, AFIAA holds interests in diversified real estate assets approaching US $1 billion in value, including interests in real estate investment funds owning commercial properties in markets such as Houston, New York, San Francisco and Washington, D.C., as well as interests in funds owning multi-family residential properties in eight states. AFIAA U.S. Real Estate, Inc., AFIAA's American subsidiary, manages its U.S.-based real estate investment activities.
For more information about AFIAA, visit www.afiaa.com.
Source: AFIAA
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CONTACT: Francis Piderit of Piderit & Partners, Inc., +1-212-826-3118,
or Cell: +1-917-916-7575 for AFIAA
Web site: http://www.afiaa.com/
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