The property is nearly 100% leased to the University of Pennsylvania Health System, John Hancock Insurance, local law firms and other tenants. GID, which plans to hold the building for seven years, finds the area attractive because of its closeness to high-end residential areas that drive the demand for offices, says Bill Chiasson, Boston-based GID's director of Eastern region acquisitions.

Tenant rollover for the building, which was built in 2006, isn't expected to start until 2012. GID has retained Jones Lang LaSalle to manage and lease the property.

GID purchased the property through its Windsor Realty Fund IV-2002 LP, which acquires suburban office buildings. This is the eighth purchase the fund has made. GID also owns 41 apartment buildings and three million square feet of industrial space across the country.