Mitch Rudin is leaving Mack-Cali

He served as CEO and vice chairman of the NJ-based company

New York /
Jun.June 15, 2018 11:33 AM

Mitchell Rudin (Credit: New City Kids via YouTube)

Mitchell Rudin is departing Mack-Cali Realty, the company announced on Friday.

Rudin served as CEO of the Jersey City-based company from June 2015 until April 2017, when he was demoted to vice chairman and replaced as CEO by Michael DeMarco.

In an interview with the Commercial Observer last month, DeMarco said Rudin “didn’t have the right skill set for the public market, and I think he realized it. We had an agreeable meeting and then we just flipped roles.”

During Rudin’s time as CEO of the real estate investment trust, the company’s share price rose by roughly $10, and the leadership team announced a strategic plan to reduce its debt costs and capital improvement investments in its office properties.

The REIT, which has a portfolio of about 5,800 residential units and over 15 million square feet of office in the Northeast, plans to sell off as much as $425 million worth of property in 2018.

Rudin previously had a rather abrupt departure from Brookfield Office Properties, which he left in 2014 after serving as president and CEO of the company’s U.S. commercial operations.

Rudin described his departure from Mack-Cali as a “lovely exit” and said he was looking forward to his next career move, although he was not sure what that would be yet.

“The next chapter is going on a family vacation for a few weeks, and then I’ll come back and start to think about it,” he said. “But there will be one.”


Related Articles

arrow_forward_ios
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Urban Commons' Salvatore G. Takoushian with Wagner at the Battery
Urban Commons puts FiDi hotel into bankruptcy
Urban Commons puts FiDi hotel into bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...