Mack-Cali Realty Corp. is purchasing 101 Hudson Street, a 1.2 million sq. ft. office tower in Jersey City, N.J. Development firm LCOR Inc. sold the tower to Mack-Cali for $329 million, or roughly $300 per sq. ft.

The 42-story office tower is 3% vacant. Major tenants include American International Group Inc., Lehman Brothers Holdings Inc. and Merrill Lynch & Co. With the 101 Hudson Street acquisition, New Jersey-based Mack-Cali will own and manage roughly one-quarter of the Jersey City office market.