Mack-Cali Realty Corp. (NYSE: CLI) has purchased a 175,000 sq. ft. Class-A office building in suburban Philadelphia for $26.3 million. The 4-story property, known as the Triad Building, is 90% leased to eight tenants, among them pharmaceutical giants GlaxoSmithKline and MDS Pharma Services. The Cranford, N.J.-based REIT bought the property from Triad Realty Acquisition LP, an affiliate of JP Morgan FlemingManagement Inc.
"This acquisition demonstrates our continuing commitment to re-invest proceeds from non-core assets sales to enhance our strong position in Northeast markets," says Mitchell Hersh, Mack-Cali CEO.
The purchase of the Triad Building brings Mack-Cali’s totalin suburban Philadelphia to 14 office properties totaling more than 1.6 million sq. ft.
Nationwide, the firm owns or has interests in 262 properties that encompass approximately 29 million sq. ft. of space.