Seyfarth Represents Mack-Cali in Recent Closing of Major Acquisition

Seyfarth Shaw LLP represented Mack-Cali in the recent closing of a major acquisition. Mack-Cali partnered with Keystone Property Group to acquire and redevelop the Curtis Center in Philadelphia (a landmark building). A complex structure (taking into consideration Federal and State tax concerns and transfer taxes) was used whereby Mack-Cali and Keystone acquired the property as a tenancy-in-common for $125 million and ground leased the property to a newly-formed joint venture that will operate and develop the property into a mixed-use residential and office tower.

While the initial acquisition was completed without any outside financing and a loan by Mack-Cali to Keystone, the parties are in the process of putting approximately $145 million of debt on the property to fund the redevelopment.

The Seyfarth Corporate/Real Estate team consisted of John Napoli, Miles Borden, Steve Crainer, Michael Rosenthal, Roy Meilman and Victoria Siesta, with additional support from Steve Meier, Andrea Santiago and Kristy Docabo.