Keystone Property Group is expanding its reach north and has
agreed to spend $230.8 million to buy 2.3 million square feet of office space
from Mack-Cali Realty Corp.
This marks the fifth transaction the Bala Cywynd, Pa., real
estate company has struck with Mack-Cali. Keystone is growing its portfolio and
reach while Mack-Cali is refashioning itself as a multi-family developer.
In this latest deal, Keystone will buy a dozen properties in
Northern New Jersey, New York and Connecticut. Of the $230.8 million, $201.7
million will be paid in cash while the remainder will be debt.
Last year, Mack-Cali, based in Edison, N.J., exited the
suburban Philadelphia office market when Keystone bought 14 office properties
and three parcels from it. The two partnered to buy the Dow building at 100
Independence Mall West.
Keystone plans to reposition the office properties to
reflect how office tenants and employees use space today. Office environments
increasing have more amenities that aim to help employers attract and retain
employees and stay competitive.
Source: Philadelphia
business Journal
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