JV BUYS 15 OFFICE BUILDINGS, THREE PARCELS FOR $233M

BALA CYNWYD, PA. — A joint venture between Keystone Property Group and Mack Cali Realty Corp. has acquired 15 office properties and three parcels located in suburban Philadelphia submarkets for $233 million. Keystone plans to reinvest in the portfolio by modernizing the office buildings.The partnership will also seek to develop the three parcels, located in Lester, Media and Berwyn, which include up to 162,200 buildable square feet. The acquisition adds approximately 1.7 million square feet of existing office space to Keystone’s portfolio.