Mack-Cali Pays $159.55 Per SF for Financial Firm's Headquarters

BLUE BELL, PA-PH Sentry Associates, an affiliate of locally based Progress Financial Corp., sells Progress’s 63,930-sf headquarters building at Four Sentry Parkway here to Cranford, NJ-based Mack-Cali Realty Corp. for $10.2 million, or about $159.55 per sf. The sale agreement was struck prior to Progress’s merger with FleetBoston last month.

The class-A property is 94% leased, and Progress will continue to occupy the second floor of the building under a long-term lease. Wayne, PA-based Smith Mack & Co. represented Progress in the sale.

With this acquisition, Mack-Cali owns five buildings totaling approximately 382,000 sf in the Sentry Park office campus. The purchase also takes the REIT’s suburban Philadelphia portfolio to 17 buildings with an aggregate 1.9 million sf, a relatively small proportion of its entire holdings. In all, the company owns or has interests in 265 properties, primarily office and office/flex buildings in the Northeast with an aggregate of about 29 million sf.