Keystone Property Group last week announced it closed on the acquisition of five office properties in Westchester County and one in Stamford for approximately $91.5 million from Mack-Cali Realty Corp.
In Westchester, Keystone purchased 555, 565 and 570 Taxter Road in Elmsford, as well as the Talleyrand Office Park, at 200 and 220 White Plains Road in Tarrytown. The company also acquired Soundview Plaza, a seven-story, 179,610-square-foot office tower in Stamford.
“This closing completes our acquisition of the tri-state portfolio with Mack-Cali, and marks an important step in the strategic expansion of our regional footprint with the purchase of well-located commercial properties where we believe we can create value,” said Bill Glazer, president of Keystone, in a press release. “We look forward to executing on our reinvestment strategy for these assets to solidify their strong position in the marketplace.”
In a press release, Keystone noted it will reinvest in the properties through redevelopment, capital investment 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, and retain a senior pari-passu equity position at 555, 565 and 570 Taxter Road. As part of the transaction, Mack-Cali and Keystone will jointly provide leasing representation for the portfolio.
