The Cranford, NJ-based REIT bought the building from the Evans Parsippany Partnership for a reported $34 million. That factors out to just over $107 per sf, a number that's a bit on the low end for class A office space in the Garden State.
"We're pleased to further build on our presence in this important submarket," says Mitchell E. Hersh, CEO of Mack-Cali. His company's holdings in this Morris County town now include 14 office buildings totaling about 2.2 million sf.
The Evans Partnership is a group founded in the mid-60's by Charles Evans and Michael Shure. They, along with other partners, developed more than six million sf of office buildings. The seller was represented in the transaction by CB Richard Ellis and Eastdil Realty.
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