Northeastern office REIT Mack-Cali Realty Corporation has bought a 125,783 sq. ft. Pennsylvania office building for $18.6 million. The Class A property located at 150 Monument Road in Bala Cynwyd, Pennsylvania is 66% occupied by 23 tenants. Bala Cynwyd is a suburb of Philadelphia. The tenant roster includes Standard Register, Philadelphia United Life and the GE Group Life Assurance Company.
"As Bala Cynwyd is a top sub market in suburban Philadelphia, we view this transaction as an excellent opportunity to add value to the asset through lease up, and to increase our presence in our core northeast region," says Mitchell Hersh, president and chief executive officer of Mack-Cali.
Mack-Cali now owns 18 Class A office buildings with a total of 2 million sq. ft. in suburban Philadelphia. The entire Mack-Cali portfolio consists of 29.6 million sq. ft. of office space concentrated in the northeastern U.S.
