Convention Plaza is located at 201 Third St. The building was valued at $82 million for the transaction.
The buyer is an affiliate of the Adco Group, a New York-based owner and developer of office, residential and hotel properties. Another Adco affiliate was Mack-Cali's 50-50 partner in the asset. The Adco Group could not be reached Monday for comment.
Mack-Cali has not yet specified exactly how much of its 50% interest it has sold, so far stating only that it has sold "substantially all" of its interest. A company source could not immediately say whether it plans to retain the piece it didn't sell.
Mack-Cali is also under contract to sell its remaining two assets in San Francisco, 760 Market St. and 795 Folsom St., to Westcore Properties LLC, for an aggregate price of $126 million. That transaction, which is expected to close in the fourth quarter, will complete Mack-Cali's exit of the California markets.
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