Mack-Cali Announces $160M Sale of 10-Building Office Portfolio

Transaction is the latest step in executing plan to dispose of suburban office assets and refocus on Hudson County Waterfront portfolio

On Sep 18, 2020

Mack-Cali Realty Corporation announced the strategic sale of a 10-building, 1.5 million-square-foot commercial portfolio in Morris County 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 and a building in Madison.

“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 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.

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