Mack-Cali expands in D.C. market

Mack-Cali Realty Corp. completed its acquisition of all the interests in Capital Office Park, a seven-building class A office complex totaling approximately 842,300 square feet in Greenbelt, Md.

The value of the transaction was approximately $161.7 million. 

At the time of sale, Capital Office Park was 83.9 percent leased to 88 tenants, which included the Hewlett-Packard Co., the U.S. General Services Administration, Verizon Communications Inc., L-3 Communications Titan Corp., Joseph Greenwald & Laake P.A., and Lockheed Martin Corp.

Mitchell E. Hersh, president and chief executive officer of Mack-Cali, said, "With this transaction, Mack-Cali has acquired one of the region's top office complexes while tripling its holdings in this very strategic Mid-Atlantic market."

The agreement also provides Mack-Cali the option to acquire approximately 43 acres of adjacent land sites to accommodate the development of up to 600,000 square feet of office space for $13 million.

Mack-Cali Realty Corp. is a fully integrated, self-administered, self-managed real estate investment trust.

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