1400 L St., NW 1400 L St., NW
WASHINGTON, DC—Mack-Cali Realty Corp., a REIT based in Jersey City, NJ, has said it will exit Washington DC to focus on its New Jersey assets and that, it seems, is what it is doing. Last week we reported that Japanese company Unizo Holdings, a property investor based in Tokyo, Japan, has a contract on 1201 Connecticut Ave., NW, of $95 million , or $547 per square foot. It is one of Mack-Cali’s last two local office buildings it owns here. The same source that told us about the Unizo deal tells us that the second building, 1400 L St., NW, has also gone under contract. The Meridian Group has a contract on the 172,000-square foot office building for $69 million. The CBD office is fully occupied by the federal government. Mack-Cali put both office buildings on the market last year, citing the need to focus on its New Jersey holdings and more recently, a subsidiary it formed on December 31, 2015, the Roseland Residential Trust, a subsidiary it formed on December 31, 2015. In its quarterly earnings for the fourth quarter, executives said the REIT was still over-leveraged and it would be focusing on further non-core sales.

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