Mack-Cali Appoints Victor B. MacFarlane to Board of Directors

Rhea-AI Summary

Mack-Cali Realty Corporation (CLI) has appointed Victor B. MacFarlane to its Board of Directors, effective June 9, 2021. With over 40 years of real estate experience, MacFarlane will also serve on the Audit and Compensation Committees. He is the Chairman and CEO of MacFarlane Partners, overseeing a $13 billion urban investment portfolio. Board Chair Tammy K. Jones expressed enthusiasm for MacFarlane's wealth of knowledge, aiming to unlock value for shareholders. MacFarlane emphasized the company's potential during a strategic transformation phase.

Positive

• Victor B. MacFarlane brings over 40 years of real estate expertise, enhancing the Board's capabilities.
• His background in urban investment could lead to new opportunities and value creation for shareholders.

Negative

• Transitioning leadership may present continuity challenges.
• MacFarlane's previous experience, while substantial, does not guarantee immediate results.

JERSEY CITY, N.J., June 14, 2021 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) announces the appointment of Victor B. MacFarlane, to its Board of Directors ("the Board"), effective as of June 9, 2021. Mr. MacFarlane will serve as a member of the Audit Committee and the Compensation Committee. Mr. MacFarlane has over 40 years of real estate experience across property development, acquisitions, asset management and portfolio management and is the Chairman and Chief Executive Officer of MacFarlane Partners, a real estate investment management and development firm he founded in 1987.

"We are very excited to add a seasoned real estate investor and industry leader like Victor to our Board," said Board Chair, Tammy K. Jones. "Victor has an extensive track record of owning, developing and managing innovative commercial, multifamily and urban real estate projects.  We look forward to benefitting from his wealth of investment and industry knowledge as we further refine our strategy and identify opportunities to unlock value for our shareholders and stakeholders."   

"Mack-Cali is a company with a dedicated team, strong collection of assets, and most importantly, tremendous future potential," added Mr. MacFarlane. "I am excited to join the Board at this pivotal point in the company's strategic transformation and work closely with my fellow directors as we chart the best path forward to tap into this potential and drive value." 

Under Mr. MacFarlane's leadership, MacFarlane Partners pioneered the urban investment concept and today is an industry leader in urban/smart-growth development. Through its urban real estate program, the firm has invested in $13 billion of properties since 1996, totaling eight million square feet of commercial space and 15,000 multifamily housing units in major markets nationwide.

In 1996, Mr. MacFarlane sold his firm's $2 billion core separate-account investment management business to GE Capital, after which he served as Chief Executive Officer of GE Capital Investment Advisors for three years. Mr. MacFarlane serves on the boards of directors of Site Centers Corp., Overland Tandberg and the Real Estate Executive Council; the advisory board of the Robert Toigo Foundation; and the board of advisors for the UCLA School of Law.

He is a past recipient of a Distinguished Business Leadership Award from the USC School of Architecture; a Lifetime Achievement Award and the 2008 Executive of the Year Award from the Greater Los Angeles African American Chamber of Commerce; the National Inner City Economic Leadership Award from the Initiative for a Competitive Inner City; the Trailblazer Achievement Award from the Global Diversity Summit, and a Distinguished Alumni Award from the Joseph M. Katz Graduate School of Business at the University of Pittsburgh.

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 https://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: 
Amanda Klein/Grace Cartwright 
Gasthalter & Co. 
212-257-4170 
Mack-Cali@gasthalter.com

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SOURCE Mack-Cali Realty Corporation

FAQ

Who is Victor B. MacFarlane and what is his role at Mack-Cali (CLI)?

Victor B. MacFarlane is a newly appointed Board member at Mack-Cali Realty Corporation (CLI), effective June 9, 2021. He will serve on the Audit and Compensation Committees.

What experience does Victor B. MacFarlane bring to Mack-Cali?

MacFarlane has over 40 years of experience in real estate, notably as the Chairman and CEO of MacFarlane Partners, overseeing significant urban real estate investments.

How might MacFarlane's appointment impact Mack-Cali's strategy?

MacFarlane's extensive knowledge may help refine Mack-Cali's strategy and identify new opportunities to unlock shareholder value.

What is the significance of MacFarlane's urban investment background for Mack-Cali?

His expertise in urban investment could provide Mack-Cali with insights to enhance its real estate portfolio and capitalize on market trends.

What did Tammy K. Jones say about Victor B. MacFarlane's appointment?

Tammy K. Jones, the Board Chair, expressed excitement about MacFarlane joining the Board, highlighting his extensive track record in real estate.