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Capital Office Park Trades for $162M

GREENBELT, MD-Mack-Cali Realty Corp.'s agrees to acquire the 842,300-sf Capital Office Park. The REIT will spend $161.7 million in the form of debt assumption and shares to purchase 100% interest in the property.

By Barbra Murray | Updated on November 28, 2005

GREENBELT, MD-Mack-Cali Realty Corp. has acquired Capital Office Park, an 842,300-sf office complex consisting of seven structures. The REIT committed to acquiring 100% interest in the property from Springhill Lake Associates Community Realty Co. for an estimated $161.7 million.

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.

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