Welcome!

News Feed Item

Keystone Property Group Closes on Acquisition of New York and Connecticut Office Properties in Joint Venture with Mack-Cali

Transaction Completes Keystone's Acquisition of Tri-State Area Portfolio

BALA CYNWYD, Pa. and EDISON, N.J., Aug. 21, 2014 /PRNewswire/ -- A joint venture led by Keystone Property Group today announced that it has closed on the acquisition of six office properties located in Westchester County, New York and Stamford, Connecticut for approximately $91.5 million from Mack-Cali Realty Corporation (NYSE: CLI). This closing completes a portfolio transaction pursuant to agreements entered into earlier this year between Keystone and Mack-Cali to form various joint ventures to acquire a portfolio of office properties that Mack-Cali owns located in Northern New Jersey, New York and Connecticut.

Reflecting the ownership's strategy for the portfolio, Keystone will reinvest in the properties through redevelopment, capital investment and upgrades to each site. Through its partnership with Keystone, Mack-Cali will participate in management fees for the portfolio and a percentage of value creation above certain hurdle rates, and retain a senior pari-passu equity position at 555, 565 and 570 Taxter Road. As part of the transaction, Mack-Cali and Keystone will jointly provide leasing representation for the portfolio.

The properties acquired in this closing are:

  • 555 and 565 Taxter Road in Taxter Corporate Park, as well as 570 Taxter Road, in Elmsford, N.Y. Totaling 422,422 square feet, the three class A buildings are home to numerous Fortune 500 companies. A strategic location at the convergence of I-87 and I-287 provides direct access to the region's large labor and customer pool, as well as a wide range of hotels, conference centers and restaurants. On-site amenities include a cafeteria, fitness center, sundries shop, outdoor seating areas, ATM banking, executive underground parking and a municipal bus stop. Ownership plans to invest nearly $6 million to upgrade the property's amenities, elevators, bathrooms, HVAC systems and building roofs.
  • Talleyrand Office Park, located at 200 and 220 White Plains Road in Tarrytown. Comprising twin six-story office buildings totaling 178,749 square feet, the park is situated on a 75-acre wooded site on the Tarrytown "Platinum Mile" between Exit 9 of the New York State Thruway and Exit 1 of the Cross Westchester Expressway, just three minutes to the Tappan Zee Bridge. The park is also strategically located near I-87 and I-287, providing direct access to the region's large labor and customer pool, as well as a wide range of hotels, conference centers and restaurants. The park features an on-site restaurant, convenient amenities and bus service to the Tarrytown Metro-North Railroad station. Ownership plans a $1.4-million capital improvement program to upgrade the buildings' elevators, bathrooms, amenities and roofs.
  • Soundview Plaza, a seven-story, 179,610-square-foot class A office tower in Stamford. The building – which previously won The Office Building of the Year (TOBY) award from the Connecticut chapter of the Building Owners and Managers Association (BOMA) for excellence in office building management – offers premium office space with views of the Long Island Sound. Located directly off Route 1 and Exit 9 of I-95, the property features a cafeteria, fitness center, multimedia conference center, five-story garage and access to the nearby Stamford Transportation Center, providing Amtrak and Metro-North train service. Ownership plans to modernize the building's amenities, bathrooms and hallways.

 

Earlier this year, Keystone closed on five New Jersey office properties as part of the portfolio deal with Mack-Cali, consisting of 17-17 Route 208 North in Fair Lawn, 412 Mt. Kemble Avenue in Morris Township, 30 Knightsbridge Road in Piscataway, 470 Chestnut Ridge Road in Woodcliff Lake, and 530 Chestnut Ridge Road in Woodcliff Lake.

"This closing completes our acquisition of the Tri-State portfolio with Mack-Cali, and marks an important step in the strategic expansion of our regional footprint with the purchase of well-located commercial properties where we believe we can create value," commented Bill Glazer, President of Keystone Property Group. "We look forward to executing on our reinvestment strategy for these assets to solidify their strong position in the marketplace."

Mitchell E. Hersh, President and Chief Executive Officer of Mack-Cali, stated, "We are extremely pleased to have completed this portfolio deal with Keystone. This transaction allows us to make marked progress on our strategy to redeploy capital into our growing multi-family platform, while continuing to benefit from the upside and management fees from these assets."

About Keystone Property Group
Keystone Property Group is a leading real estate investor and developer, with offices located in Bala Cynwyd, Pa.; Miami, Fla.; and New York, NY. Keystone also sponsors and manages a series of opportunistic real estate investment funds. Keystone creates value for its investors through development, redevelopment, financing, leasing, property management and asset management. The company has been recognized by Inc. 500 magazine, the Entrepreneurs' Forum and the Wharton Small Business Center, and several of its projects have earned "Best Real Estate Awards" from the Philadelphia Business Journal and BOMA (Chicago). For more information, please visit www.keystonepropertygroup.com.

About Mack-Cali Realty Corporation 
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 279 properties, consisting of 266 office and office/flex properties totaling approximately 31.5 million square feet and 13 multi-family rental properties containing approximately 3,900 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.

Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com.

Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "should," "expect," "anticipate," "estimate," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.

CONTACT:      


Christa Segalini 

 Ilene Jablonski, VP, Marketing

Beckerman 

 Mack-Cali Realty Corporation

201-465-8021 

 732-590-1000

[email protected]  

 [email protected]

SOURCE Mack-Cali Realty Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Judith Hurwitz is president and CEO of Hurwitz & Associates, a Needham, Mass., research and consulting firm focused on emerging technology, including big data, cognitive computing and governance. She is co-author of the book Cognitive Computing and Big Data Analytics, published in 2015. Her Cloud Expo session, "What Is the Business Imperative for Cognitive Computing?" is scheduled for Wednesday, June 8, at 8:40 a.m. In it, she puts cognitive computing into perspective with its value to the busin...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...