Mack-Cali Realty Corp. sold Kemble Plaza I, a 387,000-square-foot office property in Morris Township, N.J.

The value of the transaction was $77 million.

The class A property, located at 340 Mt. Kemble Ave., was sold to an entity advised by Falcon Real Estate Investment Co. Ltd. of New York City.

Kemble Plaza I was developed for AT&T Corp. by Mack-Cali in 1981 and was fully leased to AT&T at the time of sale. The lease was recently extended through 2014.

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

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