The seller is 1633 Littleton Associates LP, an affiliate of Ivy Equities of Montvale, NJ. The latter is six-year-old firm that has been aggressively buying up suburban office buildings in the Northeast, mostly in the 50,000- to 200,000-sf range, amassing a portfolio of some two million sf in the process. No further details of the transaction were released.

"This acquisition enables us to reinvest the proceeds from non-core asset sales," explains Mitchell E. Hersh, chief executive officer of the REIT, which itself has been active in the acquisition business. "It enables us to both increase our holdings at this business campus and to strengthen our presence in our core Northeast markets."

The business campus Hersh is referring to is, appropriately, Mack-Cali Business Campus, where the newly acquired asset sits on a site of just over five acres. The two-story building, which features a full-height atrium lobby and a number of other amenities, including a 1,500-sf raised-floor data center, was built in 1978. The acquisition increases Mack-Cali's holdings at its namesake campus to 12 buildings totaling more than 1.7 million sf.

Mack-Cali's latest acquisition is currently 100% leased to Sordoni Skanska Inc., which uses it as its corporate headquarters. The tenant is a subsidiary of Skanska USA Building Inc., the North American arm of the Swedish-owned construction concern.

Mack-Cali's portfolio is now in the 260-property range, mostly office and office/flex buildings, and mostly in the Northeast. The total space involved is in the 28.6 million-sf range. Over the last two years, the REIT has been actively divesting itself of properties outside of the region, mostly in the southwest and west, and has been using the proceeds of those sales to boost its holdings in its own backyard.