WESTCHESTER COUNTY, N.Y., AND STAMFORD, CONN. — A joint venture led by Keystone Property Group has completed the acquisition of six office properties located in Westchester County and Stamford. The joint venture purchased the properties for $91.5 million from Mack-Cali Realty Corp. This closing completes a portfolio transaction that Keystone and Mack-Cali entered into earlier this year to form various joint ventures to acquire a portfolio of office properties that Mack-Cali owns throughout Northern New Jersey, New York and Connecticut. The properties include 555 and 565 Taxter Road in Taxter Corporate Park and 570 Taxter Road, totaling 422,422 square feet, in Elmsford, N.Y.; the 178,749-square-foot Talleyrand Office Park located at 200 and 220 White Plains Road in Tarrytown, N.Y.; and the 179,610-square-foot Soundview Plaza in Stamford. Keystone plans to reinvest in the properties through redevelopment, capital improvements and upgrades to each site. Mack-Cali, through its partnership with Keystone, will participate in management fees for the portfolio and a percentage of value creation above certain hurdle rates, as well as retain a senior pari-passu equity position at 555, 565 and 570 Taxter Road. Mack-Cali and Keystone will jointly provide leasing representation for the portfolio.
140