The Cranford, NJ-based REIT acquired 5 and 6 Skyline Drive from Madeira-RMC LP for $14.7 million.

Both buildings are 100% leased, according to Mack-Cali officials. The 5 Skyline Drive property totals approximately 124,000 sf and is the corporate headquarters of Taro Pharmaceuticals. Other building tenants include Westco Closets and Western Gymnastics. The Six Skyline Drive building totals approximately 44,000 sf of office/flex space. The building's major tenant is Evonyx Inc. The complex is located on Route 9A and near the Saw Mill River Parkway.

Commenting on the deal, Mitchell Hersh, chief executive officer of Mack-Cali relates, "The acquisition of these properties represents another step in our efforts to enhance our strong position in our core Northeast markets."

The deal gives Mack-Cali ownership of 13 of the 14 buildings housed in Mid-Westchester Executive Park. The acquisition of 5 and 6 Skyline Drive increases the firm's holdings to more than 958,000 sf at the Mid-Westchester Executive Park. The sole building not under the Mack-Cali banner is 3 Skyline Drive, a three-story, 119,000-sf office building that is owned by Michelson Management. However, Mack-Cali does have management and leasing responsibilities for the 3 Skyline Drive property.

The Mack-Cali-owned properties on Skyline Drive consist of five office buildings and eight properties that feature office/flex space.

The acquisition of the two buildings at Mid-Westchester Executive Park marks the first building purchase by Mack-Cali since May 2000 when the company acquired Taxter Corporate Park, a 341,000-sf, two-building office complex in Elmsford for $42.7 million.

The complex consists of 555 and 565 Taxter Road, each 170,500 square feet. Taxter Corporate Park is set on a 17-acre campus--across the street from another Mack-Cali office property, 570 Taxter Road, a 75,000 sf office building and is located near the intersection of 1-87 and I-287.

Instant Insights /

Mack-Cali Picks Up Two Buildings for $14.7 Mil

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