The four-story property is at 2200 Renaissance Boulevard in Renaissance Corporate Park. It is 90% leased to eight tenants. Among them are GlaxoSmithKline, MDS Pharma Services, and Henkel Corp.
Mack-Cali chief executive officer Mitchell E. Hersh says the acquisition demonstrates his company's "continuing commitment to reinvest proceeds from non-core asset sales to enhance our strong position in the Northeast markets."
The purchase brings Mack-Cali's holdings in suburban Philadelphia to 14 office properties for a total of more than 1.6 million sf. In all, the company owns or has interests in 262 properties with an aggregate of about 29 million sf.
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