The Real Deal New York

Mack-Cali sells NJ office complex for $97M

Wyndham hotels occupied 249,500-square-foot property in Parsippany since 2009 opening

April 24, 2014 11:00AM

22-sylvan-way

22 Sylvan Way in Parsippany, N.J. (Inset: Mack-Cali CEO Mitchell Hersh)

Mack-Cali Realty Corporation, the biggest office landlord in New Jersey, sold a 249,400-square-foot commercial building in Parsippany, N.J., for $96.6 million, according to the firm.

The buyer, El Segundo, Calif.-based Griffin Capital Corporation, agreed to commit $7 million toward a future renovation allowance and other expenses. The three-story property at 22 Sylvan Way has housed the headquarters for international hotel chain Wyndham Worldwide Corporation since it was constructed in 2009.

Wyndham opted to extend its lease to time it with the expansion of the nearby office building at 14 Sylvan Way, which Mack-Cali also owns.

Barry Lefkowitz resigned as chief financial officer of Mack-Cali Realty last month amid a reorganization of the development firm. — Mark Maurer

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