GID Buys LEED Office from Liberty for $21M

YARDLEY, PA-GID Investment Advisers is acquiring an 110,000-square-foot office building here from Liberty Property Trust for $21 million, according to a Liberty spokesperson. The building, which is a silver LEED-certified asset, shares its name with its location, 777 Township Line Rd.

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.