Keystone Property Group, a leading real estate developer, manager and investor of office, industrial and mixed-use properties, and Mack-Cali Realty Corporation a leading owner, manager and developer of office and class A residential real estate throughout the Northeast, 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.
The transaction represents the fifth deal between Keystone and Mack-Cali as part of Keystone’s strategy to expand its regional footprint by investing in high-quality commercial assets and repositioning them to create dynamic, lifestyle-oriented business environments.
Last year, Keystone closed on its acquisition of 14 institutional-quality commercial office properties and three land parcels located in key suburban Philadelphia submarkets through a joint venture with Mack-Cali.
That deal was followed by the purchase of 100 Independence Mall West, a 400,000-square-foot, Class A office building in Philadelphia’s Central Business District, by a joint venture of Keystone, Mack-Cali and Parkway Corporation.
In 2012, Keystone purchased two properties from Mack-Cali: Moore