last November

Mack-Cali's payment for the property was multifaceted. The Cranford, NJ-based REIT met part of the obligation with cash, then assumed a $63.2-million existing mortgage debt on the property, and also issued 1,942,334 Mack-Cali Realty LP common operating partnership units, which carried a value of $87.4 million. There was an additional component of the deal that gives Mack-Cali the option of purchasing an approximately 43-acre parcel of land, capable of being developed with up to 600,000 sf of commercial space, for $13 million. The seller relied on the representation of Eastdil Realty Co. LLC's Nicholas C. Pappas, while Mack-Cali was represented internally.

Situated near the Capital Beltway, Capital Office Park consists of seven structures that, aside from a single facility, feature class A accommodations. The complex's buildings are located at 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 are eight stories tall, while the 39,600-sf Edmonston Road facility is four stories tall. Capital Office Park is 83.9% leased to a bevy of tenants, including Hewlett-Packard Co., L-3 Communications Titan Group, Lockheed Martin and the US government.

As for Mack-Cali's plans for changes to the property, there is nothing in the works. "It's a very modern complex so, at this time, we will not be doing any renovations," a Mack-Cali spokesperson tells GlobeSt.com. And the 43-acre parcel has not been forgotten. "We plan to exercise the option within the 12-month period."