BALA CYNWYD, PA—A joint venture led by Keystone Property Group has closed on the purchase of six office buildings in Westchester County, NY and Stamford, CT for approximately $91.5 million from Edison, NJ-based Mack Cali Realty Corp.

The closing completes a portfolio transaction announced earlier this year between Keystone and Mack-Cali to form various joint ventures to acquire a portfolio of office properties that Mack-Cali owns in Northern New Jersey, New York and Connecticut.

Earlier this year, Keystone closed on five New Jersey office properties as part of the portfolio deal with Mack-Cali, consisting of 17-17 Route 208 North in Fair Lawn, 412 Mt. Kemble Ave. in Morris Township, 30 Knightsbridge Road in Piscataway, 470 Chestnut Ridge Road in Woodcliff Lake, and 530 Chestnut Ridge Road in Woodcliff Lake.

The six office buildings acquired by the Keystone-led joint venture include 555, 565 and 570 Taxter Road in Taxter Corporate Park in Elmsford, NY, which total 422,422 square feet of Class A office space. Ownership plans to invest nearly $6 million to upgrade the property's amenities, elevators, bathrooms, HVAC systems and building roofs.

The partnership also purchased Talleyrand Office Park, located at 200 and 220 White Plains Road in Tarrytown. The twin six-story office buildings totaling 178,749 square feet are located on a 75-acre wooded site between Exit 9 of the New York State Thruway and Exit 1 of the Cross Westchester Expressway, just three minutes to the Tappan Zee Bridge. The new ownership plans a $1.4-million capital improvement program to upgrade the buildings' elevators, bathrooms, amenities and roofs.

The deal also includes Soundview Plaza, a seven-story, 179,610-square-foot class A office tower in Stamford. The building previously won The Office Building of the Year (TOBY) award from the Connecticut chapter of the Building Owners and Managers Association (BOMA) for excellence in office building management. The property features a cafeteria, fitness center, multimedia conference center, five-story garage and access to the nearby Stamford Transportation Center. Keystone plans to modernize the building's amenities, bathrooms and hallways.

"This closing completes our acquisition of the Tri-State portfolio with Mack-Cali, and marks an important step in the strategic expansion of our regional footprint with the purchase of well-located commercial properties where we believe we can create value," says Bill Glazer, president of Keystone Property Group. "We look forward to executing on our reinvestment strategy for these assets to solidify their strong position in the marketplace."

Mitchell E. Hersh, president and CEO of Mack-Cali, adds, "We are extremely pleased to have completed this portfolio deal with Keystone. This transaction allows us to make marked progress on our strategy to redeploy capital into our growing multi-family platform, while continuing to benefit from the upside and management fees from these assets."

HFF placed the three-year, floating-rate loan with Cornerstone Real Estate Advisers LLC, acting on behalf of its clients.  Keystone , which acquired the properties through a joint venture with Mack-Cali as part of a larger portfolio deal, will use a portion of the loan to fund upgrades to the properties.  In July, HFF secured $47.5 million to finance the acquisition of 412 Mt. Kemble Ave. in Morris Township, NJ, another property in the portfolio deal between Keystone and Mack-Cali.