Mack-Cali, which had been a major force in the Westchester office and flex-space market, appears to be completing its exit from that market with the sale of a portfolio of properties to RMC Acquisition Entity LLC, an affiliate of the Robert Martin Company LLC.
The sale, with a price tag of $487.5 million, is expected to close in the second quarter of this year. There are two definitive agreements covering the 3.1 million square feet of space. The Business Journal obtained a complete list of the buildings involved. There are 56 in all, including those at the Stamford Executive Park in Fairfield County. It is a five-building development on West Avenue, just off Exit 6 of Interstate 95 in Stamford. The Stamford Executive Park includes approximately 270,000 square feet of office/flex space.
