The best way to do that, in Mack-Cali officials' eyes, was totoss out the national platform idea and return the company to itsroots in the Northeast. The sell-offs were also aimed at giving thecompany some pocket money to snap up choice properties in the tightnortheastern market.

That divestiture has begun in earnest. Properties in Texas andon the West Coast have been moved, and a number of others are onthe block. Latest to go is Mack-Cali's sole asset in Nebraska, the319,500-sf, 106-year-old Brandeis Building in downtown Omaha, NE.The buyer is TCI Brandeis, a local partnership; the price tag was$12.5 million. The building is about three-quarters leased to theUnion Pacific railroad company, but that lease is set to expire inabout 18 months.

CB Richard Ellis and Grubb & Ellis/Pacific Realty jointlyrepresented Mack-Cali in the deal. In conjunction with the sale, aMack-Cali affiliate company provided a short-term $8.75 millionpurchase money mortgage to TCI Brandeis at an effective interestrate of 9.8%.