The arrangement calls for Mack-Cali to turn over $97.9 million of common operating partnership units in Mack-Cali Realty LP and assume an existing debt on the property of $63.8 million. Additionally, the Cranford, NJ-based REIT has the option to purchase 43 acres for $13 million. The land can be developed with up to 600,000 sf of office space.

Capital Office Park sits right off the Capital Beltway in Prince George's County and, other than one of the buildings, features class A and B space. The buildings that comprise the park carry the addresses of 6301, 6303, 6305, 6404, 6406 and 6411 Ivy Lane, and 9200 Edmonston Rd. Aside from the seven-story building at 6411 Ivy, all the structures on Ivy Lane consist of eight stories, while the 39,600-sf Edmonston Road facility features just four stories.

Additionally, all Capital Office Park construction was completed in the 1980s and 1990s, except for Edmonston Road, which was developed in 1972. The buildings have an aggregate average occupancy level of 84%, and tenant rosters that include Hewlett-Packard Co., L-3 Communications Titan Group, Lockheed Martin and federal government offices. CRC Commercial Properties had been handling leasing at the complex, where it marketed available space for $23 to $27.50 per sf.