3 Sylvan Way

Mack-Cali Acquires 3 Sylvan Way Office Property in Parsippany

Mack-Cali Realty Corporation has acquired 3 Sylvan Way, an empty 147,241-square-foot, three-story, class A office building located in Parsippany. This acquisition enhances the company’s holdings at the 600-acre Mack-Cali Business Campus, which includes 15 class A office properties totaling approximately 2.1 million square feet of space.

3 Sylvan Way features 50,000-square-foot floor plates with a saw-tooth design and large, open spaces providing great natural light. Along with One and 5 Sylvan Way, the buildings share a connected, below-grade parking structure which acts as a protected walkway and provides easy access for tenants to utilize amenities across the complex.

The buildings will be repositioned as an interconnected three-building mini campus, as part of the overall Campus. The buildings will undergo significant renovations to bring tenants important upgrades. The capital investment plan includes lobby renovations, the creation of a full-service fitness center with yoga rooms and a golf simulator, an upgraded business-class conference center, and numerous dining options, including a full-service café and coffee bar.

“This acquisition is an example of how Mack-Cali is making it a priority to focus on our core holdings, like the Business Campus, that offer state-of-the-art office spaces with first-class amenities,” said Mack-Cali president Michael DeMarco. “We are looking forward to making considerable investments in the entire Mack-Cali Business Campus to continue strengthening its position as a leading office location.”

“Adding 3 Sylvan Way to our portfolio will allow us to join our properties in a way that will bring incredible value to both our portfolio and tenants,” said Ricardo Cardoso, Mack-Cali executive vice president and chief investment officer. “Our renovation plans will allow Mack‑Cali to command more attractive leasing rates.”

Mack-Cali Business Campus is ideally located at the nexus of I-287 and routes 10 and 202, and offers shuttle service to the nearby Morris Plains train station.

Among the improvements that Mack-Cali Business Campus is slated to undergo are the introduction of multiple new amenities including:

  • Interconnected pathways/walking jogging trails
  • Enhanced dining options, including new on-campus restaurant pad sites
  • Wegmans supermarket, scheduled to open in 2017
  • The introduction of a “food truck park” in the center of the Campus
  • Improved outdoor community spaces
  • New and expanded fitness centers and conference facilities
  • Renovated building lobbies
  • New signage and branding
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