March 12, 2019
Mack-Cali Realty Corporation has agreed to sell its 3.1-million-square-foot office/flex portfolio, located mainly in Westchester and Fairfield Counties, for $487.5 million. The portfolio is trading to RMC Acquisition Entity LLC, an affiliate of the Robert Martin Company.
“The sale of our office/flex portfolio substantially completes our strategic repositioning,” said Mack-Cali CEO Michael DeMarco. “Mack Cali’s evolution to a waterfront centric office and residential landlord is complete.”
He added that proceeds from the sale of the portfolio would be used in part to pay down about $230 million of unsecured debt “and to purchase Soho Lofts, a 377-unit apartment community in Jersey City, which furthers our waterfront strategy.”
Subject to normal and customary closing conditions, Mack-Cali anticipates completing the sale of the office/flex portfolio early in the second quarter.
Pictured: 300 Executive Blvd. in Elmsford, NY
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