The Gale Co. has acquired a 4.7 million sq. ft., 36-building office portfolio for $555 million. The seller was Morgan Stanley Real Estate Funds and UBS. Thewas financed through Wachovia securities and an affiliate of SL Green Realty Corp. Gale has actively managed the assets since 1997.
"We are very proud to have closed on this milestone acquisition and to continue our ownership of these outstanding assets," says Stan Gale, chairman and CEO of The Gale Co.
The Gale Co. is aggressively targeting new acquisition andopportunities throughout New Jersey and other U.S. markets, says Mark Yeager, president and chief investment officer at Gale. "We are confident that our team of professionals, operating platform and capital partners will enable us to strategically grow in this environment."