Cornerstone Northchase Venture LP, an investment venture ofHouston-based Caldwell Watson Real Estate Group, is the buyer. TheCornerstone Regency buy, coupled with the purchase of the 85,000-sfOne Northchase Park at 4201 FM 1960 West, also in northwestHouston, takes the firm over the 1.1 million-sf mark for office andflex space. Caldwell Watson now owns six buildings in and aroundthe Northchase Business Park and another 750,000 sf of office spacein northwest Houston.

Mack-Cali CEO Mitchell E. Hersh says the move signifies progress"in executing our disposition program of selling assets innon-strategic markets. The proceeds of this sale, as well as otherplanned asset sales, will be redeployed into strategicopportunities to build our presence in our core Northeast andMid-Atlantic regions." The REIT owns or has interest in about 28.8million sf in 271 northeastern properties. The Houston transactionis the latest in a string of sales that will pull 4.8 million sf ofoffice space in Dallas, Houston, San Antonio, Denver and Phoenixfrom the firm's portfolio over the next two years.

J. Brady Wilkins, vice president of Caldwell Watson's investmentdivision, says the acquisitions, "fall perfectly in line with ourcurrent strategy of capitalizing on quality investmentopportunities in Houston's counter-cyclical environment." MaryDescant, vice president of Caldwell Watson's office division saysthe new, larger office portfolio should offer potential tenants theability to lower operating cost s through "various aggregatingstrategies." Eastdil Realty Co. LLC's Dallas office acted on behalfof Mack-Cali in the sale while Caldwell Watson used in-houserepresentation.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.