Mack-Cali Announces $61 Million Sale of 581 Main Street in Woodbridge Township, NJ
Mack-Cali Realty Corporation (NYSE: CLI) has sold 581 Main Street, a 203,335-square-foot office building in Woodbridge Township, NJ, as part of its strategy to divest suburban assets. The transaction aligns with their recent sale of 7 Campus Drive for $12.75 million. The sale is attributed to recent capital improvements and a successful lease-up of the building. Plymouth Rock Group's subsidiary will occupy the building as its New Jersey headquarters. Mack-Cali emphasizes its focus on repositioning its properties and supporting tenants as they return to office environments.
- Successful sale of 581 Main Street, contributing to asset divestment strategy.
- Recent capital improvements boosted the building's appeal and lease-up success.
- Continued focus on repositioning Harborside enhances long-term value.
- None.
JERSEY CITY, N.J., Dec. 3, 2020 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today announced the disposition of 581 Main Street, a 203,335-square-foot office building in Woodbridge Township, NJ. The transaction continues Mack-Cali's ongoing strategic sale of its suburban assets. The Company recently announced the sale of 7 Campus Drive in Morris County, NJ for
"As we've said before, we will continue to divest our suburban office assets and are encouraged by the activity we've seen to-date," said MaryAnne Gilmartin, Board Chair and Interim Chief Executive Officer of Mack-Cali. "In addition, we remain laser focused on the repositioning of Harborside and working with our existing tenants to support them as employees look to return to the office."
581 Main Street benefits from several recently completed capital improvement projects, including a complete lobby renovation and the addition of a new cafe and conference center facilities.
"We are particularly pleased with this strong execution given the successful lease up of the building that followed our repositioning of the asset," said Ricardo Cardoso, EVP and Chief Investment Officer of Mack-Cali.
The transaction was facilitated by Cushman & Wakefield of New Jersey. The building was purchased by 581 Main Street, LLC, a subsidiary within the Plymouth Rock Group of Companies, and it will continue to serve as Plymouth Rock's New Jersey headquarters. Longpoint Realty Partners served as an advisor to the purchaser.
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.
About Plymouth Rock:
Plymouth Rock® is a brand name and service mark used by separate underwriting, managed insurance, and management companies that offer property and casualty insurance in multiple states. Taken together, the companies write and manage more than
Each underwriting and managed insurance company is a separate legal entity that is financially responsible only for its own insurance products. For more information on Plymouth Rock visit plymouthrock.com.
About Longpoint Realty Partners:
Longpoint Realty Partners is a real estate private equity firm headquartered in Boston, MA with regional offices across the country. Longpoint is an owner and operator of real estate assets focused on serving the evolving needs of today's consumers.
For more information on Longpoint Realty Partners, visit http://www.longpoint.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
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