Mack-Cali makes $18M building buy.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 150 Monument Road, a six-story, 125,783 s/f, class A office building in Bala Cynwyd, Pennsylvania Bala Cynwyd is a village in Lower Merion Township which is located in the Main Line in southeastern Pennsylvania, bordering the western edge of Philadelphia. It was originally two separate towns, Bala and Cynwyd, but is commonly treated as a single community. . The building was purchased for $18.6 million. 150 Monument Road is approximately 66% leased to 23 tenants, including Standard Register, Philadelphia United Life, and the GE Group Life Assurance Company. Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "As Bala Cynwyd is a top submarket in Suburban Philadelphia, we view this transaction as an excellent opportunity to add value to the asset through lease up, and to increase our presence in our core Northeast region." With the acquisition of 150 Monument Road, Mack-Cali owns 18 class A ofrice buildings totaling over 2 million square feet in Suburban Philadelphia, along with 30 buildings totaling approximately 1.6 million square feet in Burlington County, New Jersey Burlington County is a county located in the U.S. state of New Jersey. The county seat is Mount Holly. The county seat had been in Burlington, but as population moved away from the Delaware River a more central location was needed. As of 2000, the population was 423,394. . Robert Fahey Robert Fahey (born April 30, 1968, in Hobart, Tasmania, nickname "Bag") is an Australian real tennis player. He currently spends his time at the Burroughs Club in London training with head pro Rod McNaughton. and Douglas Joseph of 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. represented the seller in the transaction. |
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