Mack-Cali Realty Corporation will sell its entire suburban office portfolio totaling approximately 6.6 million square feet of office space. As the first step of the company’s plan, it has approved the sale of two suburban office portfolios consisting of approximately 2.4 million square feet of office space located in Parsippany and Madison. This represents approximately 36% of the square footage of the company’s suburban holdings, to Onyx Equities, LLC in partnership with Taconic Capital Advisors, L.P. and Axonic Capital LLC, for an purchase price of approximately $285 million in cash and approximately $3.5 million of assumed lease obligations. The company plans to use the available sales proceeds to pay down its corporate-level, unsecured indebtedness.
Mack-Cali expects to complete the sale of its entire suburban office portfolio in 2020. After the completion of the suburban portfolio sale, Mack-Cali’s entire holdings will consist of its waterfront class A office portfolio of approximately 5.0 million square feet and the Roseland multi-family operations.
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 the Northeast. Mack-Cali is headquartered in Jersey City, 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 management, leasing, and development services throughout New Jersey.
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