Mack-Cali sells S.F. holdings, exits western markets

Shifts investment focus to East Coast

Mack-Cali Realty Corp. announced that it has completed the sale of its remaining two office properties in San Francisco, marking its exit from all western markets. Mack-Cali sold 760 Market St. (an 11-story, 267,446-square-foot class A building) and 795 Folsom St. (a six-story, 183,445-square-foot class A building) to a partnership of Westcore Properties LLC; Angelo, Gordon & Co.; and City Center Retail LLC for an aggregate price of $126 million. Both buildings were approximately 78 percent leased at the time of sale. Mitchell E. Hersh, Mack-Cali president and chief executive officer, said, "This sale represents ... the final step in our strategic plan of exiting the western, noncore markets to focus on growth opportunities in our core Northeast region. In addition, this transition allows us to capitalize on the robust investment sales market in San Francisco and create value for our shareholders." Mack-Cali Realty Corp. is a self-administered real estate investment trust. ...

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