Mack-Cali Realty Corp. is significantly cutting its holdings in the Philadelphia office market and entered an agreement to sell a portfolio totaling 1.66 million square feet for $233 million to Keystone Property Group.
Mack Cali said that the transaction consisted of $201 million in cash and the remainder in other funding.
It's the largest real estate transaction so far this year in the Philadelphia region and catapults Keystone Property’s presence in Philadelphia’s suburban office market. Keystone is a private company based in Bala Cynwyd, Pa. and run by Bill Glazer. Mack-Cali of Edison, N.J., had already sold Moorestown Corporate Center in Moorestown, N.J, and 16 and 18 Sentry Park West in Blue Bell, Pa., to Keystone.
The buildings sold in the current deal are:
- 150 Monument Road, Bala Cynwyd
- 1000-1235 Westlakes Drive, Westlakes Office Park, Berwyn, Pa.
- 4 & 5 Sentry Park, Blue Bell
- 100-300 Stevens Drive, Airport Business Center, Lester, Pa.
- 1000 Madison Ave., Lower Providence, Pa.
- Rose Tree Corporate Center I and II at 1400 N. Providence Road, Media, Pa.
- One Plymouth Meeting, 502 W. Germantown Pike, Plymouth Meeting, Pa.
The transaction also includes a parcel of undeveloped land that can accommodate 162,000 square feet of new buildings. They are at the Airport Business Center, Rose Tree Corporate Center, and Westlakes Office Park.
As part of the deal, Mack-Cali will continue to receive management fees from the office property. It will also retain a property at 150 Monument Road in in Bala Cynwyd for a future multifamily development. The company has shifted its focus mixed-use and multifamily projects.
Keystone has until Aug. 19 to conduct due diligence and the deal could close late this year.
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