Mack-Cali has sold a portfolio of twelve office properties in Connecticut, New York, and New Jersey to Keystone Property Group. The twelve buildings total approximately 2.3 million square feet and sold for $230.8 million, of which $201.7 million will be paid in cash. Mack-Cali will assist in managing the portfolio and will receive a percentage of value creation above a threshold. Keystone and Mac-Cali worked together last year to purchase 14 institutional grade office properties and three parcels of land near Philadelphia, along with three other major acquisitions in Philadelphia and New Jersey. The sale is in line with Mack-Cali’s goal of repositioning its portfolio towards multi-family properties.
Included in the sale was the 179,610 square foot Soundview Plaza located at 1266 East Main Street in Stamford. The seven story class A office building won the award for The Office Building of the Year in 2012. The building includes a newly renovated entry plaza, parking garage, and on-site cafeteria. Other amenities include a fitness center, multimedia conference center, and a new surveillance system. Currently, the building has 34,400 square feet of space available.