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Mack-Cali sells NJ office complex for $97M

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

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

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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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Hotel MarketMack-cali Realty