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.”