CCP-PC Office LP is the official buyer; no information is available about the entity. The sale of the 75% leased Preston Centre Plaza takes Mack-Cali down to 4.7 million sf of office assets that are up for sale in Dallas, Houston, San Antonio, Denver and Phoenix.

Two years and the disposition will be done, enabling Mack-Cali to press ahead on its northeastern US and Mid-Atlantic focus. Mack-Cali CEO Mitchell E. Hersh tells GlobeSt.com that he is "very confident and optimistic we will accomplish the disposition program within that time frame."

In fact, three more office properties in Texas--and markets that Hersh won't identify as yet--already are under contract. Hersh says "there is a very high level of interest" in the Texas and Colorado properties that remain in the portfolio. In Texas, there are 16 office buildings on the sale block, 20 office properties in Colorado and three in Arizona. A few more office buildings are on the market in Iowa and Florida.

Sale proceeds are being redeployed into the northeast and Mid-Atlantic regions. In June, Mack-Cali collected $3.15 million for Houston's 71,000-sf Cornerstone Regency and $21.9 million for Tetco Towers, a 256,137-sf office building in San Antonio.

Mack-Cali had taken control of the Texas portfolio as a result of a December 1997 merger with the Patriot American Office Group. At that time, it contained about four million sf, primarily in San Antonio, Houston and Dallas.