Mack-Cali sells office portfolio in Morris County, New Jersey for $160m

Mack-Cali sells office portfolio in Morris County, New Jersey for $160m

Mack-Cali Realty Corporation, a real estate investment trusts (REITs), headquartered in Jersey City, New Jersey, announced it has sold a 10-building office portfolio in Morris County, New Jersey to a joint venture group, including Onyx Equities, Taconic Capital Advisors, L.P., Axonic Capital LLC, and Machine Investment Group for $160 million.

The 1.5 million-square-foot commercial portfolio includes nine buildings located in Parsippany, NJ and a building in Madison, NJ.

“This transaction is exemplary of Mack-Cali’s broader strategic vision moving forward,” said MaryAnne Gilmartin, Interim Chief Executive Officer of Mack-Cali. “As we look to focus on our waterfront assets in Hudson County, we will continue to divest of non-core assets in the suburban office markets and build long-term value for our shareholders.”

In July 2020, Mack-Cali appointed MaryAnne Gilmartin as Interim CEO to help secure a permanent CEO and develop and implement a strategic plan that will ensure the ongoing success of the Company. This sale follows Mack-Cali’s earlier disposition of 3 Giralda Farms in Madison, NJ for $7.8 million in July.

“This transaction was a tremendous team effort and its execution is a testament to the collaboration between both sides of the deal to navigate the unique obstacles presented by the pandemic,” explained Ricardo Cardoso, EVP and Chief Investment Officer of Mack-Cali.