Zurich Insurance has closed on the purchase of 2.0 University Place in Philadelphia for $41.25 million. The fully-leased asset was traded for $420 per square foot. Major tenants include the U.S. Department of Homeland Security and Citizenship and Immigration, which leases three floors of the five-story building. It’s one of the few office buildings in the city with a Platinum rating from the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program. The building is Zurich’s first real estate acquisition in Philadelphia. “We take sustainability very seriously, both in our acquisitions and asset management,” said Sean Bannon, a Zurich managing director and its head of U.S. real estate.
