The chief financial officer and the general counsel of New Jersey’s largest office landlord, Mack-Cali Realty, are to resign at the end of the month in a reorganization of the development firm.
Barry Lefkowitz, an executive vice president and CFO of the firm, is leaving with $2.5 million in cash as well as a bonus and retirement package that adds roughly another $1 million.
Roger Thomas, the firm’s general counsel as well as an executive vice president, will stay on as a consultant until September, at which point he will receive a comparable severance package.
With more than 250 properties to manage, most of which are office buildings in New Jersey, the company is also adding a position to its executive board for Jonathan Litt, currently chief executive and founder of investment management firm Land & Buildings.
It wasn’t clear what position Litt will take, but the move “will result in significant cost savings,” Mitchell Hersh, president and chief executive of Mack-Cali, told Bloomberg.
Mack-Cali recently ventured into the residential market as well, diversifying its portfolio with two luxury towers that will bring 500 rental units to the Jersey City waterfront, as The Real Deal previously reported. [Bloomberg] — Angela Hunt