March 23, 2017
Mack-Cali Realty Corporation agreed to pay $368 million for six prime office properties totaling 1.1 million square feet in Northern New Jersey. The transaction represents one of the largest office portfolios to trade in the state.
“These are the best suburban office assets in the New Jersey market, and they had not traded in well over a decade,” stated Jose Cruz, senior managing director for HFF, which marketed the properties on behalf of the seller, RXR Realty, and procured the buyer.
The six properties are 91% percent leased, including: 51, 101 and 103 JFK Pkwy. in Short Hills, NJ, and 1, 3 and 7 Giralda Farms in Madison, NJ. All are in the high growth Route 24 Corridor, close to affluent residential.
Tenants include KPMG, Wells Fargo, Merrill Lynch, UBS, Dun & Bradstreet, Investors Bank, Citibank, Franklin Mutual Advisors, Pfizer and Prudential.
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