When the deal was first announced this past fall, Mack-Cali declined to identify the seller, indicating only that it was a partnership represented by Eastdil Realty Co. Industry sources told GlobeSt.com at the time that the seller was in fact a partnership headed by the Berwyn, PA-based LCOR Inc. With the sale's closing the partnership has been identified as LCOR Inc., the State Teachers Retirement System of Ohio and Merrill Lynch.

Indeed, Merrill Lynch occupies about half of the building's total space and the asset is commonly referred to locally as "the Merrill Lynch Building." Other tenants include AIG and Lehman Brothers, and 101 Hudson is currently 97% leased, according to Mitchell E. Hersh, Mack-Cali's president and chief executive officer.

"The acquisition of this property allows us to increase our competitive advantage in one of the region's top submarkets," Hersh says. His company now owns more than 4.3 million sf of class A properties along this city's waterfront, most of it in the REIT's Harborside Financial Center. Its holdings represent more than 25% of the submarket's total class A office space, and besides what it owns, Mack-Cali manages an additional 1.2 million sf in the submarket. "It is a premier property with an impressive tenant roster and stable occupancy."

The building was developed by LCOR back in the '90s, with a reported price tag of $233 million. It is part of the redevelopment of the former Colgate-Palmolive manufacturing site here, which has a number of prominent developers involved, including Hartz Mountain Industries. 101 Hudson St. also comes with a four-story parking garage.