The building has 22 tenants including Allstate Insurance Co., which occupies 28,400 sf, and Paychex of New York LLC, which leases 11,900 sf. "Westage was our only building in Dutchess County, which is not one of our core markets," says Mack-Cali Realty president and CEO Mitchell E. Hersh. "The building is almost 50 miles from our main Westchester holdings, so it didn't allow us to maximize our operational efficiencies. Due to favorable market conditions for investment sales, we were able to sell the building at a very attractive price."
Mack-Cali officials say proceeds of the sale will be used to draw down corporate debt. The REIT took ownership of the center back in December 1997 when it merged with the Mack Company and Patriot American Office Group in a $1.2-billion deal. The company currently owns or has interest in 303 properties, primarily in the Northeast, totaling approximately 34.2 million sf. The firm has extensive office/flex property holdings in Westchester County, NY and Fairfield County, CT.
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