Mack-Cali buys 63,930 SF class A office building

Real Estate Weekly, Sept 24, 2003

Mack-Cali Realty Corporation (NYSE: CLI) today announced it has acquired 4 Sentry Parkway, a 63,930 square-foot class A office building located in the Sentry Park office campus in Blue Bell, Pennsylvania.

The 94%-leased property was acquired from PH Sentry Associates, an affiliate of Progress Financial Corporation (Nasdaq: PFNC), for $10.2 million.

Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "This acquisition is another demonstration of our continuing commitment to reinvest proceeds from non-core asset sales to enhance our position in strong and vibrant markets in the Northeast, such as suburban Philadelphia."

With the acquisition of 4 Sentry Parkway, Mack-Cali owns five buildings totaling nearly 382,000 square feet in the Sentry Park office campus and 17 buildings totaling 1.9 million square feet in suburban Philadelphia.

Smith Mack & Co., Inc. represented the seller in the transaction.