|By PR Newswire||
|August 21, 2014 10:13 AM EDT||
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.
Ilene Jablonski, VP, Marketing
Mack-Cali Realty Corporation
SOURCE Mack-Cali Realty Corporation
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Jan. 23, 2017 01:45 AM EST Reads: 2,738
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
Jan. 23, 2017 12:45 AM EST Reads: 4,639
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of D...
Jan. 23, 2017 12:15 AM EST Reads: 5,142
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Jan. 23, 2017 12:00 AM EST Reads: 5,878
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
Jan. 22, 2017 11:45 PM EST Reads: 7,919
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Jan. 22, 2017 11:00 PM EST Reads: 1,018
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Jan. 22, 2017 11:00 PM EST Reads: 4,564
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Jan. 22, 2017 08:30 PM EST Reads: 4,698
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 22, 2017 07:45 PM EST Reads: 3,867
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
Jan. 22, 2017 07:15 PM EST Reads: 3,647
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 22, 2017 06:30 PM EST Reads: 5,027
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...
Jan. 22, 2017 06:00 PM EST Reads: 1,547
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., and Logan Best, Infrastructure & Network Engineer at Webair, focused on real world deployments of DDoS mitigation strategies in every layer of the network. He gave an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He also outlined what we have found in our experience managing and running thousands of Linux and Unix ...
Jan. 22, 2017 04:15 PM EST Reads: 4,532
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 22, 2017 03:15 PM EST Reads: 1,691
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 22, 2017 03:00 PM EST Reads: 1,206