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Mack-Cali Leaving California

TSC and IRIS Staff

Real estate investment trust Mack-Cali Realty(CLI) said that it sold its 50% ownership in Convention Plaza, San Francisco.

The Edison, N.J.-based company added that the building was sold to an entity related to Adco Group for $82 million.

Mack-Cali is also under contract to sell its remaining two assets in San Francisco to Westcore Properties for an aggregate price of $126 million, the company added.

With these sales, Mack-Cali will exit California markets.

Shares of the company were up 7 cents, or 0.14%, at $48.59 Tuesday.