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Wednesday, 16 May 2018

Mack-Cali on Track to Complete Portfolio Transformation by Year's End

Mack-Cali Realty Corp. is on track to complete its portfolio revamping, launched in 2016, by the end of this year. At that point, it will be focused entirely on high-end office and apartment properties, primarily along the Hudson River waterfront in New Jersey and certain transit-oriented markets.

Commercial Real Estate Direct Staff Report

Mack-Cali Realty Corp. is on track to complete its portfolio revamping, launched in 2016, by the end of this year. At that point, it will be focused entirely on high-end office and apartment properties, primarily along the Hudson River waterfront in New Jersey and certain transit-oriented markets.

Before embarking on its transformation, the Jersey City, N.J., REIT owned 255 office and office/flex properties with 29.7 million square feet and 19 apartment properties with 5,700 units in a number of scattered markets, including suburban Washington, D.C., the New Jersey counties of Monmouth, Morris and Bergen, and even downtown Manhattan.

That has shrunk to 123 office properties with 15.4 million sf and 15 apartment properties with 5,826 units as of the first quarter. Its core office properties were 85.2 percent leased, while its stabilized apartment properties were 97.3 percent leased.

Its transformation plan picked up steam when the company named Mitchell E. Rudin chief executive and Mike DeMarco president and chief operating officer. Rudin previously was president and chief executive of the U.S. commercial operations of Brookfield Office...


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