Mack-Cali would not reveal the lease rates for the renewals of the involved buildings, referred to as 100 and 200 Stevens Dr. But the company's 2007 annual report lists the base rent at the 95,000-sf 100 Stevens Dr. as just under $2.6 million and at the 208,000-sf 200 Stevens Dr. at just below $5.7 million.
In all, the Airport Business Center is made up for three buildings totaling 371,000 sf. It is adjacent to the Philadelphia International Airport. 100 Stevens Dr. opened in 1986 and 200 Stevens Dr. opened the following year. The third building opened in 1992.
Thomas Whitworth of NorthMarq Advisors represented Keystone Mercy Health Plan and AmeriHealth Mercy Health Plan in the transaction. Parent company AmeriHealth Mercy Family is a group of Medicaid managed-care plans with 6.2 million customers.
Edison, NJ-based Mack-Cali has interests in 294 buildings, mostly offices, throughout the Northeast. Earlier this month Forest Research Institute signed a 35,587-sf lease in its Harborside Financial Center Plaza 5 in Jersey City, bringing that firm's total in that building to 215,659 sf in that 977,225-sf building.
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