$34m office complex sale.Mack-Cali Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corporation has acquired 5 Wood Hollow Road, a three-story, 317,040 s/f class A office property in Parsippany, New Jersey. The building was purchased from The Evans Parsippany Partnership for approximately $34 million. The acquisition of 5 Wood Hollow Road, which is 100% leased to Lucent Technologies, increases Mack-Cali's holdings in Parsippany to 14 buildings totaling approximately 2.2 million s/f. Mitchell E. Hersh, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Mack-Cali, commented, "We're pleased to add this impressive asset to our portfolio and to further build on our strong presence in this important Northeast submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. ." The seller was represented by CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. and Eastdil Realty in the transaction. |
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