Mack-Cali expands in D.C. market

Buys massive office complex

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

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-Ca...