Streamline Realty Backs Cali Group Office Buy
- Jan 25, 2021
Mack-Cali Realty Corp. has sold yet another of its New Jersey office buildings. The Cali Group has picked up 100 Overlook Center, a 158,200-square-foot Class A property in Princeton, N.J. According to CommercialEdge, Mack-Cali Realty Corp. had purchased the asset back in 1997, for $28.9 million.
Streamline Realty Funding provided a $29.7 million, three-year acquisition loan, in a deal arranged by Cushman & Wakefield, which acted as exclusive advisor for the borrower.
Located just off Route 1, some 4 miles northeast of Interstate 295 on a 10-acre site, the building dates back to 1987. The four-story asset comprises nearly 150,000 square feet of space, with 37,400-square-foot floorplates and a covered parking garage. In 2012, the property underwent cosmetic renovations.
The property was 91 percent occupied at the time of sale, with the main tenants including Trustees of Princeton University, drug development service provider Certara USA, and Regus—which occupies the second floor, according to Commercial Edge. Last October, the coworking company extended its Midtown Manhattan lease at 136 Madison Ave., two blocks from the Empire State Building.
John Alascio, Sri Vankayala, Chuck Kohaut and TJ Sullivan of Cushman & Wakefield Equity’s Debt & Structured Finance team arranged the loan for the borrower.
John R. Cali, a former director at Mack-Cali Realty Corp., is the current principal of the Cali Group. Mack-Cali’s latest suburban office dispositions in the area included the 160,000-square-foot 500 College Road in Princeton, as well as 581 Main St., a 203,300-square-foot office property in Woodbridge Township, N.J.