$161m buy helps Mack-Cali make its mark in DC.Mack-Cali Realty Corporation has entered into a contract to acquire all the interests in Capital Office Park, a seven-building class A office complex totaling approximately 842,300 square feet in Greenbelt, Maryland Greenbelt is a city in Prince George's County, Maryland, United States. Contained within today's City of Greenbelt is the historic, planned community now known locally as "Old Greenbelt." Greenbelt's population was 21,456 at the 2000 census. , for aggregate purchase consideration of approximately $161.7 million. The purchase consideration for the acquisition, which is expected to close no later than the end of the first quarter of 2006, will consist of a combination of $97.9 million of common operating partnership units in Mack-Cali Realty, L.P. and the assumption of approximately $63.8 million of mortgage debt. At closing, the sellers may elect to receive approximately $27.9 million in cash in lieu Cash In Lieu (CIL) In a typical exchange offer, "old" shares of the target company are exchanged for "new shares". of common operating partnership units. Under the agreement, Mack-Cali also has the option to acquire for $13 million approximately 43 acres of adjacent land sites. These sites can accommodate the development of up to 600,000 square feet of office space. Located on the Capital Beltway (I-95/I-495), northeast of Washington, D.C., Capital Office Park is 84.6% leased to 90 tenants. Major tenants include the Hewlett-Packard Company, the U.S. General Services Administration The General Services Administration (GSA) was established by section 101 of the Federal Property and Administrative Services Act of 1949 (40 U.S.C.A. § 751). The GSA sets policy for and manages government property and records. , Verizon Communications
Verizon Communications, Inc. , Inc., L-3 Communications
L-3 Communications Holdings, Inc. (NYSE: LLL) is a company that supplies command, control, communications, intelligence, surveillance and reconnaissance (C3ISR) systems and Titan Corporation , Joseph Greenwald & Laake, P.A., and Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. Corporation. Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "This transaction will allow us to acquire one of the premier office complexes in the region and also substantially expand our franchise by tripling our holdings in this strategic Mid-Atlantic market." Upon completion of the transaction, Mack-Cali will own approximately 1.3 million square feet of class A office space in the metropolitan Washington, D.C. market. Capital Office Park is located in Greenbelt, Maryland at the western border of Prince George's County, less than five miles from Montgomery County Montgomery County may refer to:
Nicholas C. Pappas of Eastdil Realty Company, L.L.C. is representing the seller in the transaction. |
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