Mack-Cali Realty Corporation has purchased 333 Thornall Street in Edison, a class A office building located in Metropark, a major transit hub. The purchase price was approximately $53.1 million.
Known as Metroview, the property is approximately 96 percent leased and includes 196,000 square feet of office space. The building is located adjacent to Mack-Cali’s 343 Thornall Street.
“Metroview is a great complement to our existing 195,700-square-foot asset next door and is another in a series of moves designed to refocus our holdings toward transit-based office assets,” said Mack-Cali president Michael DeMarco. “This market is known for its strong rental demands and high occupancies, owing in part to its location just down the road from the nearby transit hub, making it an ideal example of what we are striving to accomplish with our new strategy.”
333 Thornall Street is a LEED(R) Silver certified building with easy access to routes 287, 1, and 27, as well as the New Jersey Turnpike and Garden State Parkway. The nearby transit hub offers both NJ TRANSIT and Amtrak service and is within walking distance of the complex. Major hotels, dining, and retail are also located in close proximity.
The company plans to integrate its existing building with the new acquisition through the construction of an interconnected, landscaped walkway providing access to the shared amenities, as well as terraced, outdoor seating and various exercise components creating an approximately 400,000-square-foot campus.
“While the buildings are already attractive because of their outstanding location, we plan to add to the existing amenities to make it an even more appealing option for central New Jersey businesses,” said Ricardo Cardoso, executive vice president and chief investment officer. “The addition of a new fitness center, conference rooms, Wi-Fi, and multiple dining options will transform the space into an outstanding class A office campus.”
The acquisition of 333 Thornall Street is part of Mack-Cali’s strategy to focus resources on transit-based real estate, as well as waterfront properties. The purchase of 333 Thornall Street is one of the new leadership team’s high profile moves in that direction.Related Articles: