Within the past month, the REIT acquired the 174,124-sf Triad building in King of Prussia, PA for $151 per sf.
The Blue Bell properties are 93% leased to 22 tenants. Among them are Liberty Mutual Insurance, Pharmanet, Inc., and Larsen Allen Weishair.
Income and Growth Fund II L.P., which is advised by Chicago-based LaSalle Investment Management, is the seller, and Chicago-based Jones Lang LaSalle represented it in the transaction.
"The suburban Philadelphia market is an important part of our strategy of strengthening our Northeast presence," says Mack-Cali chief executive officer Mitchell E. Hersh in a statement.
The two buildings bring the REIT's suburban Philadelphia holdings to 16 office properties totaling approximately 1.8 million sf. In all, Mack-Cali owns or has interests in 265 properties totaling about 29.3 million sf.
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