At the time of the sale the building was 93.1% leased, Mack-Caliofficials say. Andrew Merin, David Bernhaut, Gary Gabriel and JoseCruz of Cushman & Wakefield's Metropolitan Area Capital MarketsGroup represented the seller.


"As we've been seeking and executing on strategic growthopportunities in selected markets, we have been looking to reduceour exposure in non-core markets and submarkets," Mitchell Hersh,Mack-Cali president and CEO, says of the deal. "While 1000Bridgeport Ave. is an attractive property, it has been our soleasset in the Shelton/Stratford submarket. Accordingly, we arepleased to be able to complete this transaction so that we canredeploy the proceeds elsewhere."


Mack-Cali still has office holdings in Stamford, Greenwich andNorwalk in eight properties totaling approximately 720,000 sf.


According to its website, predecessor firm Cali Cos. acquiredthe property from an affiliate of the Davis Cos. in August 1997 for$15.5 million. In 1997, Cali merged with the Mack Co. and PatriotAmerican Office Group to become Mack-Cali Realty Corp.


As for the new ownership, Mark Keeney, partner at Abbey RoadAdvisors LLC, says, "We are quite pleased to acquire thisinstitutional asset in a market that continues to see growth astenants migrate east from the more expensive lower Fairfield countysubmarkets. We are also pleased to team up with the Praedium GroupLLC on this asset and look forward to working with the existingtenants and new tenants during our ownership."

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.