Terms were not disclosed; asking rents at comparable properties nearby are in the mid-$30s per square foot. The PBA was represented by a FirstService Williams team including vice chairman Mark Friedman and associate director Annie Yao, with legal representation provided by Christine McGuiness of Schiff Hardin LLP. Mack-Cali was represented by EVP Mark Ravesloot, SVP Scott Sloves, and first VP Lisa Cear, all of CB Richard Ellis.
Edison, NJ-based Mack-Cali bought a condo interest in 125 Broad from S.L. Green Realty Corp. for $273 million in 2007. The units include floors two through 16, and collectively comprise 39.6%, or 524,000 square feet, of the 40-story, 1.2-million-square-foot office tower.
Mack-Cali's ownership interests at 125 Broad are 100% leased. Currently, it's the office and industrial REIT's sole beachhead in New York City, although it has several properties in Westchester County and Connecticut, as well as New Jersey, Pennsylvania, Maryland and the District of Columbia.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
