Mack-Cali sinks money into Northeast joint venture

Makes first purchase in Boston market

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Mack-Cali Realty Corp. this week announced that in a joint venture with JPMorgan Chase's Special Situation Property Fund and Gale International it has acquired a stake in a seven-building, class A office and office/R&D portfolio in the Boston suburbs. The properties, totaling 666,697 square feet, were purchased for $53.6 million. The investment is Mack-Cali's first in the Boston market, extending its presence northward. The company already is a major office property owner in the Washington, D.C.- to-Connecticut corridor, with a dominant presence in its home state of New Jersey. The properties are located in Andover, Bedford and Billerica, Mass., in the Route 495 North submarket of Greater Boston, and were 58.8 percent leased to eight tenants at the time of purchase. Tenants include Alliance Imaging, CGI, Eastman Kodak, GN NetTest, Navisite, Aastra Telecom, and EM4. The Special Situation Property Fund owns 70 percent of the venture, with an entity of Mack-Cali and Gale Internation...