"With Mack-Cali's strong market position and franchise value in Parsippany, we are confident in our ability to capitalize on our network of tenant relationships to stabilize these assets," says Mitchell E. Hersh, president and chief executive officer of Mack-Cali. He tells GlobeSt.com that he's optimistic that as the "economy takes hold has traction," the site will lease up quickly. "Demand has been improving. The asset offers an attractive price point." He anticipates growing companies desiring to be in a quality asset will be interested in the complex.

The acquisition increases the company's holdings at Mack-Cali Business Campus to 15 buildings totaling approximately two million sf, and 17 buildings totaling approximately 2.5 million sf in Parsippany. In total, the REIT owns or has interests in 272 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 29.5 million sf.

Earlier this month, the board of directors declared a cash dividend of 63 cents per common share, indicating an annual rate of $2.52 per share, for the period of Oct. 1 through Dec. 31. The board also declared a cash dividend on its 8% Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100th of a share of preferred stock), equal to 50 cents per depositary share for the period of Oct. 15 through Jan. 14, 2005.