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  • Writer's pictureMAREJ

Mack-Cali announces $160 million sale of 10-building office portfolio in Morris County, NJ

Morris County, NJ — Mack-Cali Realty Corporation announced the strategic sale of a 10-building, 1.5 million s/f commercial portfolio in Morris County to a joint venture group, including Onyx Equities, Taconic Capital Advisors, L.P., Axonic Capital LLC, and Machine Investment Group for approximately $160 million. The portfolio includes nine buildings located in Parsippany, NJ and a building in Madison, NJ. “This transaction is exemplary of Mack-Cali’s broader strategic vision moving forward,” said MaryAnne Gilmartin, interim chief executive officer of Mack-Cali. “As we look to focus on our waterfront assets in Hudson County, we will continue to divest of non-core assets in the suburban office markets and build long-term value for our shareholders.” In July 2020, Mack-Cali appointed MaryAnne Gilmartin as Interim CEO to help secure a permanent CEO and develop and implement a strategic plan that will ensure the ongoing success of the company. This sale follows Mack-Cali’s earlier disposition of 3 Giralda Farms in Madison, NJ for $7.8 million in July.


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