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MORRIS TWP., NJ-Mack-Cali Realty Corp. sold its 387,000-sf Kemble Plaza I, a class A building, for $77 million. The buyer was an entity advised by Falcon Real Estate Investment Co. Ltd. of New York City. The sale price factors out to $199 per sf.

Located at 340 Mt. Kemble Ave., the building was developed in 1981 for AT&T by the Cranford, NJ-based Mack-Cali. It remains fully occupied by the telecom company, whose lease was recently extended through 2014 as part of a strategic real estate transaction between Mack-Cali and AT&T. That transaction included the REIT’s acquisition of five office buildings from AT&T.

“By extending AT&T’s lease, we were able to enhance the value of this asset in what has remained an attractive investment sales market for stabilized institutional-quality assets,” says Mitchell E. Hersh, president and CEO of Mack-Cali. “The sale demonstrates our continued commitment to creating shareholder value.”

Mack-Cali’s current portfolio extends to 267 properties, mostly office and office/flex assets in the Northeast, totaling some 29.2 million sf.

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