The class-A property is 94% leased, and Progress will continue to occupy the second floor of the building under a long-term lease. Wayne, PA-based Smith Mack & Co. represented Progress in the sale.
With this acquisition, Mack-Cali owns five buildings totaling approximately 382,000 sf in the Sentry Park office campus. The purchase also takes the REIT's suburban Philadelphia portfolio to 17 buildings with an aggregate 1.9 million sf, a relatively small proportion of its entire holdings. In all, the company owns or has interests in 265 properties, primarily office and office/flex buildings in the Northeast with an aggregate of about 29 million sf.
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