Transaction Includes 12 Office Properties Across Northern New Jersey,
New York and Connecticut
BALA CYNWYD, PA and EDISON, NJ (February 25, 2014) –
Keystone Property Group, a leading
real estate developer, manager and investor of office, industrial and mixed-use properties, and
Mack-Cali Realty Corporation (NYSE: CLI), a leading owner, manager and developer of office and class A residential real estate throughout the Northeast, today announced that they have entered into agreements to form various joint ventures whereby Keystone will purchase 12 office properties owned by Mack-Cali throughout Northern New Jersey, New York and Connecticut. Pursuant to the agreements, the portfolio, which totals approximately 2.3 million square feet, will be purchased for approximately $230.8 million, including $201.7 million in cash with the balance in the form of senior and subordinated equity.