JERSEY CITY, N.J., Nov. 23, 2020 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE:CLI) today announced the disposition of 7 Campus Drive, a 154,820-square-foot office building in Parsippany, NJ, to Birch Group for approximately $12.75 million.
"We have been deliberate and diligent in following through on our strategic suburban disposition strategy and this is yet another example of the team's continued work," said MaryAnne Gilmartin, Board Chair and Interim Chief Executive Officer of Mack-Cali. "Divesting non-core assets will enable us to refocus on our key priorities, namely the repositioning of our Harborside office campus and paying down corporate debt."
This sale brings the year-to-date suburban office dispositions total to $270.35 million.
"We have buyer activity on every piece of our suburban portfolio and expect to continue to execute additional sales in the coming months," said Ricardo Cardoso, EVP and Chief Investment Officer of Mack-Cali.
About Mack-Cali Realty Corporation
One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout New Jersey. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.
A fully integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for over two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.
For more information on Mack-Cali Realty Corporation and its properties, visit www.mack-cali.com.
Forward Looking Statements
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SOURCE Mack-Cali Realty Corporation