Mack-Cali sells $67 million office building to Federal Reserve

WASHINGTON, D.C. — Cranford, N.J.-based Mack-Cali Realty Corp. has sold 1709 New York Ave., a 166,000 sq. ft. office building in Washington, D.C., to the Federal Reserve for $67 million. Located one block from the White House, the property includes a 3-story, 76,980 sq. ft. underground parking garage.

The Federal Reserve currently occupies 71% of the building. The late Edward I. Geisinger, Arthur G. Greenberg and Vernon E. Knarr of New York-based Julien J. Studley Inc. represented the Federal Reserve in the transaction.