Mack-Cali To Sell $223M Philly RE Portfolio Through JVs

Law360, New York (July 18, 2013, 6:56 PM EDT) -- New Jersey-based Mack-Cali Realty Corp. has agreed to partner with Keystone Property Group to create several joint ventures that will sell Mack-Cali's 15 commercial office properties and three land parcels in suburban Philadelphia for about $233 million, the company announced Thursday.

The assets cover about 1.7 million square feet of office space and land that can accommodate 162,000 square feet of future development, according to Mack-Cali.

The real estate investment trust will maintain the rights to subdivide and develop muiltifamily residential units at one of the...
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