Mack-Cali sold a portfolio of twelve office properties in Connecticut, New York, and New Jersey to Keystone Property Group in February of this year. Keystone and Mack-Cali have now closed on the final six office buildings located in Westchester County and Stamford. The six buildings sold for a total of $91.5 million. With the close of this sale, Keystone has completed its acquisition of the Tri-State portfolio, which includes twelve buildings containing approximately 2.3 million square feet. The portfolio sold for a total of $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. 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 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. Keystone plans to update the building’s amenities, restrooms, and hallways. Currently, the building has 45,300 square feet of space available.