Mack-Cali Reaches Deal To Sell Last DC Office Buildings For $163.5M
Mack-Cali Realty Corp has accomplished its stated goal of scaling back its presence in the area by reaching a deal to sell its final two office buildings in the District.
The Edison, NJ-based REIT has sold 1201 Connecticut Ave NW and 1400 L St NW for a combined $163.5M. Buyers of the two properties have not been disclosed, the Washington Business Journal reports.
1201 Connecticut, a 169k SF building the REIT acquired back in 1999, has sold for $93M, while 1400 L, a 159k SF building it acquired in 1998, has traded hands for $70.5M. The company announced plans to sell the two properties back in November, pointing out that while it feels that DC is a great office market, it would like to focus its efforts on other markets in which it has a larger presence.
The company may be leaving the District office market, but it still maintains a presence in the greater Metro area with ownership of a few properties, including the Crystal House apartments in Crystal City, and the Eastpoint I office building in Lanham. [WBJ]