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Wednesday, 03 June 2015

Mack-Cali Names Mitch Rudin CEO, Mike DeMarco President

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Mack-Cali Realty Corp., which has been transforming itself into an owner and developer of high-end office and apartment properties, has named Mitchell E. Rudin chief executive and Michael J. DeMarco president and chief operating officer.

The two replace Mitchell E. Hersh, the Edison, N.J., REIT's former president and chief executive, who had stepped down last month.

Rudin most recently was president and chief executive of the U.S. commercial operations of Brookfield Office Properties, which owns 111 trophy properties with 87 million square feet in a number of major markets around the world and is in the process of developing numerous properties in cities such as New York, Denver, Washington, D.C., and Los Angeles. He previously was president and chief executive of CBRE's New York tri-state region.

DeMarco, meanwhile, most recently was executive vice president of Vornado Realty Trust and before that was managing director of Fortress Investment Group. He previously was senior managing director of Lehman Brothers' then-vaunted commercial mortgage unit.

Rudin and DeMarco will work closely with Marshall Tycher, president of Mack-Cali's multifamily business Roseland Partners, which it had acquired in 2012. Tycher had founded Roseland in 1992.

Mack-Cali owns 262 office and office/flex properties with 30.8 million sf and 20 apartment properties with 5,800 units in the Northeast. It has been repositioning itself into an owner of class-A office and apartment properties from Washington to Boston.

"I look forward to the company's next chapter," said William Mack, the REIT's chairman. "And am confident that we have identified the right leaders to oversee Mack-Cali's continuing transformation." Those executives include Anthony Krug, who last year was named chief financial officer, replacing Barry Lefkowitz, who had left after 18 years with the company, and Gary Wagner, chief legal officer and secretary, who has been with the company and a predecessor since 1989.

Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.



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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Executive Changes (EXEC)
  • Company: Maguire Properties Inc.
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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