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Mack-Cali Sells Interest in Convention Plaza

SAN FRANCISCO-The publicly held REIT intent on liquidating its Western US assets sells 'substantially all' of its 50% stake in the 305,618-sf building, which is valued at $82 million.

By Brian K. Miller | Updated on November 14, 2006

SAN FRANCISCO-Mack-Cali Realty Corp. has sold off all but a small percentage of its 50% stake in Convention Plaza, a 12-story, 305,618-sf class A office building here with a 16% vacancy rate. The publicly held REIT from New Jersey is in the process of exiting the Western US real estate market and focusing on its 34-million-sf portfolio in the Northeast.

Convention Plaza is located at 201 Third St. The building was valued at $82 million for the transaction.

The buyer is an affiliate of the Adco Group, a New York-based owner and developer of office, residential and hotel properties. Another Adco affiliate was Mack-Cali’s 50-50 partner in the asset. The Adco Group could not be reached Monday for comment.

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