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UPDATE: $162M Capital Office Park Purchase Closes

GREENBELT, MD-Capital Office Park becomes part of Mack-Cali Realty Corp.'s real estate portfolio with the official closing of a $162-million deal. The seven-building complex features an aggregate 842,300 sf of predominantly class A space, 83.9% of which is presently occupied.

By Barbra Murray | Updated on March 02, 2006

GREENBELT, MD-For approximately $162 million, Mack-Cali Realty Corp. has taken ownership of Capital Office Park. The 842,300-sf multi-structure office property was sold by Springhill Lake Associates Community Realty. The pair entered into a definitive agreement to acquire the property 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.

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