AFIAA, an investment advisor for pension funds in Switzerland, has acquired One City Place, a 195,000-square-foot building in central Philadelphia that houses state and local government offices.

The transaction was valued at $24.8 million.

The property, located at 1401 Arch St., is a 14-story, class A structure constructed in 1923.

At the time of sale, the property was 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.

AFIAA U.S. Real Estate Inc., a New York-based unit of AFIAA, was represented by The P.G. Williamson Group in the transaction. The seller was B&A Investment Associates L.P.

AFIAA, which in English stands for Foundation for International Real Estate Investments, holds 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 multifamily residential properties in eight states.

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