Keystone Property Group Agrees to Purchase 2.3 Million-SF Tri-State Area Portfolio for $230.8 Million from Mack-Cali Through Joint Venture Partnership

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.

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Categories: Real Estate, Uncategorized

Author:NJ Tech Council

The New Jersey Tech Council helps companies grow and supports the tech, innovation and entrepreneurial ecosystems in the state and region.

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