Mack-Cali Exiting DC Office Market
Edison, NJ-based Mack-Cali Realty Corp, effectively ending its presence in DC as a REIT, is seeking buyers for the only two office buildings it owns in the District.
The company has retained Eastdil Secured to market 1201 Connecticut Ave and 1400 L St NW, the Washington Business Journal reports. The L Street property is a 12-story, 159k SF Class-A office building less than two blocks from the McPherson Square Metro Station. The Connecticut Avenue asset, also known as the Longfellow building, is a 12-story, 173k SF property in the Golden Triangle.
"Mack-Cali feels that DC's a great market, but they don't have a huge presence there, they've got only two buildings right now, so rather than focus on that they're choosing to focus on places where they've got a larger presence," Mack-Cali spokesman Daryl Isherwood told the WBJ.
Earlier this year, Mack-Cali named veteran real estate executive Mitch Rudin as CEO to replace the retiring Mitchell Hersh. Mitch will be a featured speaker at Bisnow's BOLD 2015 event, which focuses on the national office market. [WBJ]