Mack-Cali completes $161M Greenbelt deal.GREENBELT, MD: 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 completed its acquisition of all the interests in Capital Office Park, a seven-building class A office complex totaling approximately 842,300 s/f 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 approximately $161.7 million. In addition to the assumption of approximately $63.2 million of mortgage debt, MackCali issued 1,942,334 common operating partnership units in Mack-Cali Realty, L.P. valued at $87.4 million, and paid the balance in cash. The agreement also provides MackCali the option to acquire approximately 43 acres of adjacent land sites to accommodate the development of up to 600,000 square feet of office space for $13 million. Capital Office Park is 83.9% leased to 88 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. 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, "With this transaction, Mack-Cali has acquired one of the region's top office complexes while tripling its holdings in this very strategic Mid-Atlantic market." Nicholas C. Pappas of Eastdil Realty Company, L.L.C. represented the seller in the transaction. |
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