The seller is 1633 Littleton Associates LP, an affiliate of Ivy Equities of Montvale, NJ. The latter is six-year-old firm that has been aggressively buying up suburban office buildings in the Northeast, mostly in the 50,000- to 200,000-sf range, amassing a portfolio of some two million sf in the process. No further details of the transaction were released.

"This acquisition enables us to reinvest the proceeds from non-core asset sales," explains Mitchell E. Hersh, chief executive officer of the REIT, which itself has been active in the acquisition business. "It enables us to both increase our holdings at this business campus and to strengthen our presence in our core Northeast markets."

The business campus Hersh is referring to is, appropriately, Mack-Cali Business Campus, where the newly acquired asset sits on a site of just over five acres. The two-story building, which features a full-height atrium lobby and a number of other amenities, including a 1,500-sf raised-floor data center, was built in 1978. The acquisition increases Mack-Cali's holdings at its namesake campus to 12 buildings totaling more than 1.7 million sf.