March 16, 2016
Mack-Cali Realty Corp. has reached agreements to sell assets in Washington, DC and New York City. The value of the dispositions for the Edison, NJ-based seller will reportedly be more than $365 million.
Included in the transaction is the sale of ownership in 125 Broad St. in New York City for $202 million; sale of 1201 Connecticut Ave. NW in Washington, DC for approximately $93 million; and the sale of 1400 L. St. NW, also in Washington DC., for $70.5 million.
The sales are part a $750 million disposition plan, representing the company’s exit from these markets. Mack-Cali will use the proceeds to pay down debt, fund capital expenditures, and increase holdings in waterfront and transit-based locations.
The company anticipates that $400 million in total sales will close by June of this year, with $350 million anticipated to be completed by October.