Mack-Cali Announces $12.75 Million Sale of 7 Campus Drive in Parsippany, New Jersey

Rhea-AI Summary

Mack-Cali Realty Corporation (NYSE:CLI) has sold the 154,820-square-foot office building at 7 Campus Drive in Parsippany, NJ, to Birch Group for approximately $12.75 million. This transaction marks a significant move in Mack-Cali's strategic suburban disposition strategy, totaling $270.35 million in suburban office dispositions year-to-date. The sale allows Mack-Cali to focus on key initiatives such as repositioning its Harborside office campus and reducing corporate debt, with expectations for continued buyer activity across its suburban portfolio.

Positive

• Sale of 7 Campus Drive enhances strategic portfolio focus.
• Year-to-date suburban office dispositions total $270.35 million.
• Proceeds will support the repositioning of Harborside campus and debt reduction.

Negative

• None.

JERSEY CITY, N.J., Nov. 23, 2020 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE:CLI) today announced the disposition of 7 Campus Drive, a 154,820-square-foot office building in Parsippany, NJ, to Birch Group for approximately $12.75 million.

"We have been deliberate and diligent in following through on our strategic suburban disposition strategy and this is yet another example of the team's continued work," said MaryAnne Gilmartin, Board Chair and Interim Chief Executive Officer of Mack-Cali. "Divesting non-core assets will enable us to refocus on our key priorities, namely the repositioning of our Harborside office campus and paying down corporate debt."

This sale brings the year-to-date suburban office dispositions total to $270.35 million.

"We have buyer activity on every piece of our suburban portfolio and expect to continue to execute additional sales in the coming months," said 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.

Forward Looking Statements

Statements made in this communication may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise, except as required under applicable law.

Media Contact:
Jeremy Soffin
mack-cali@berlinrosen.com
(646) 200-5318

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SOURCE Mack-Cali Realty Corporation

FAQ

What is the recent sale by Mack-Cali Realty Corporation?

Mack-Cali Realty Corporation sold the office building at 7 Campus Drive in Parsippany, NJ, for approximately $12.75 million.

How much has Mack-Cali Realty disposed of in suburban offices this year?

Mack-Cali Realty has disposed of $270.35 million in suburban office properties year-to-date.

What are Mack-Cali's plans after the sale of 7 Campus Drive?

Mack-Cali aims to focus on repositioning its Harborside office campus and reducing corporate debt following the sale.

Who purchased the 7 Campus Drive property?

The property at 7 Campus Drive was purchased by Birch Group.