Mack-Cali Realty Corp. is parting ways with its entire suburban office portfolio, including 2.4 million square feet of space in Parsippany and Madison, New Jersey, Real Estate NJ reported. A joint venture led by Onyx Equities LLC will purchase the New Jersey buildings — which comprise around 36 percent of the portfolio — in a deal valued at $288.5 million, according to the outlet. Mack-Cali will keep its Roseland Residential Trust portfolio and 5 million square feet of class A waterfront office space. The firm will use the proceeds from the New Jersey sale “to pay down its corporate-level, unsecured indebtedness.” [RE-NJ]
RELATED POSTS
— The Mack Daddy: CEO of NJ REIT Mack-Cali on the future of suburbia
— Today’s Northern NJ office sales volume is double 2018’s