PARSIPPANY, NJ—A non-traded REIT sponsored by California-based Griffin Capital Corporation has acquired Mack-Cali Realty Corporation's 14 Sylvan Way, a 203,506-square-foot, class A trophy office building in Parsippany, NJ, for $81.4 million.
"This was an excellent opportunity to monetize the value of this class A corporate headquarters,” says Mitchell E. Rudin, chief executive officer of Mack-Cali. “The proceeds will be reinvested into more strategic growth opportunities."
Holliday Fenoglio Fowler represented Mack-Cali in the sale. In addition to the sales price, Griffin Capital Essential Asset REIT II is assuming responsibility for $2 million in additional tenant improvement allowance obligations, Mack-Cali says.
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