CRANFORD, N.J. Mack-Cali Realty Corp. said it paid $32.2 million, or $190.50/sf, for a Washington, D.C., office building.
The REIT purchased the building, 1201 Connecticut Ave., NW, from Value Enhancement Fund, an opportunistic investment fund operated by Lend Lease Real Estate Investments.
The 169,000-square-foot building is 86% leased to nine tenants, including Radio Free Europe/Radio Liberty, The Association of American Law Schools, the Police Foundation, Leo A. Daly Architects, and Brooks Brothers.
The purchase gives Mack-Cali four office buildings with 616,000-sf. The REIT has said it plans to expand its presence in Washington, which it considers one of the strongest markets in the country.
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