Mack-Cali Realty Corporation (NYSE:CLI) today announced the strategic sale of a 10-building, 1.5 million-square-foot commercial portfolio in Morris County, NJ to a joint venture group, including Onyx Equities, Taconic Capital Advisors, L.P., Axonic Capital LLC, and Machine Investment Group for approximately $160 million. The portfolio includes nine buildings located in Parsippany, NJ and a building in Madison, NJ.
“This transaction is exemplary of Mack-Cali’s broader strategic vision moving forward,” said MaryAnne Gilmartin, Interim Chief Executive Officer of Mack-Cali. “As we look to focus on our waterfront assets in Hudson County, we will continue to divest of non-core assets in the suburban office markets and build long-term value for our shareholders.”
In July 2020, Mack-Cali appointed MaryAnne Gilmartin as Interim CEO to help secure a permanent CEO and develop and implement a strategic plan that will ensure the ongoing success of the Company. This sale follows Mack-Cali’s earlier disposition of 3 Giralda Farms in Madison, NJ for $7.8 million in July.
“This transaction was a tremendous team effort and its execution is a testament to the collaboration between both sides of the deal to navigate the unique obstacles presented by the pandemic,” explained Ricardo Cardoso, EVP and Chief Investment Officer of Mack-Cali.
About Mack-Cali Realty Corporation
One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout New Jersey. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.
A fully integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for over two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.
For more information on Mack-Cali Realty Corporation and its properties, visit www.mack-cali.com.
