The proceeds, which amount to a little over $296 million after you subtract the commissions and discount, will be used mostly to pay down the company's outstanding debt under its unsecured revolving credit facility. The 7.75% notes are due on February 15, 2011. They're rated BBB by Standard & Poor's, Baa3 by Moody's, and BBB by Fitch.

"We're pleased with investor response to this offering," according to Mitchell E. Hersh, CEO of Mack-Cali Realty Corp. Mack-Cali Realty LP is the operating partnership of Mack-Cali Realty Corp. "I believe this transaction reflects the capital markets' confidence in our focused Northeast strategy."

Mack-Cali currently owns or has interests in almost 270 properties, most of which are class A office buildings or office/flex properties. Total space amounts to a little over 28 million sf, and most of the properties are located in the Northeast. Mack-Cali has been selling off properties in other parts of the country since its proposed merger with Texas-based Prentiss Properties fell through last year.

Market and shareholder resistance to the merger caused the company to re-think its national strategy. The net result, much to market satisfaction, was to begin moving properties in many markets, mainly in Texas and California, and reinvesting much of the proceeds in more-familiar markets in the Northeast.