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Mack-Cali to sell interest in 125 Broad for $202M
REIT turning focus to commercial, residential on New Jersey waterfront
Mack-Cali Realty Corp. is in contract to sell its interest in 125 Broad Street in the Financial District for $202 million.
In September, the New Jersey-based real estate investment trust was looking to sell its commercial condominium at the 40-story, 1.3 million-square-foot tower. Mack-Cali bought the 525,000-square-foot condo, spanning the second through 16th floors, from SL Green Realty in 2007.
The sale is part of a larger plan to turn the company around with Mack-Cali also in contract to sell two properties in Washington, D.C., the Wall Street Journal reported.
Michael DeMarco, the firm’s president, told the Journal that the next phase of the planned asset sales will include 12 office buildings in New Jersey.
The REIT has been selling off a wide range of properties worth a combined $600 to $800 million to turn its focus on residential and commercial properties on the New Jersey waterfront.
Mack-Cali owns or has interests in 274 properties in the Northeast, according to its website. [WSJ] — Dusica Sue Malesevic