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.
The Philadelphia office of Cushman & Wakefield represented the seller.
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