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  • $487.5M transaction expected to close in 2nd

Mack-Cali in agreement to sell 56-building flex portfolio

JERSEY CITY, NJ — Mack-Cali Realty Corporation has entered into two definitive agreements with one buyer for the sale of its 3.1 million s/f office/flex portfolio. The aggregate purchase price for the portfolio is $487.5 million. A portion of the proceeds from the sale will be used for the repayment of approximately $230 million of unsecured debt. Michael DeMarco, CEO said, “The sale of our office/flex portfolio substantially completes our strategic repositioning. Mack Cali’s evolution to a waterfront centric office and residential landlord is complete. Proceeds from the sale of this portfolio will be used in part to pay down debt and to purchase Soho Lofts, a 377-unit apartment community in Jersey City, which furthers our waterfront strategy.”

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