Mack-Cali Realty names Mahbod Nia as CEO

MaryAnne Gilmartin steps down after period as interim CEO

Mack-Cali Realty CEO Mahbod Nia and MaryAnne Gilmartin (Photos via Mack-Cali Realty)
Mack-Cali Realty CEO Mahbod Nia and MaryAnne Gilmartin (Photos via Mack-Cali Realty)

More than six months after a shake-up of its C-suite, Mack-Cali has named a new CEO.

Mahbod Nia, a former head of NorthStar Realty Europe, will take the reins at the New Jersey-based based REIT as of March 8. He has been serving as a director on Mack-Cali’s board since June.

During his tenure at NorthStar, Nia oversaw the REIT’s transformation, which helped drive a 40 percent increase in per-share net asset value.

MaryAnne Gilmartin, who joined Mack-Cali last July as interim CEO, will serve as a special advisor during the transition period, according to the REIT. In the meantime, she stepped down as the chairperson of the company’s board and will not run for re-election. She will return to her full-time role as CEO of MAG Partners after Mack-Cali’s annual shareholder meeting.

Gilmartin said she joined Mack-Cali to drive change and is pleased with her achievements during her temporary tenure.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Read more

Tammy Jones, who was newly appointed as Mack-Cali’s board chairperson, said Nia’s experience at NorthStar as well as his familiarity with Mack-Cali as a board member will let him “hit the ground running.”

Gilmartin took the temporary leadership position after a massive shakeup of Mack-Cali’s board, in which an activist investor pushed for the resignation of then-CEO Michael DeMarco.

The agreement between Gilmartin and the REIT had her sign on for six months or until the company found a new CEO, whichever came first. According to SEC filings, Mack-Cali agreed to pay MAG Partners a monthly fee of $150,000 for Gilmartin’s service, along with a one-time cash sign-on bonus of $300,000 and a completion bonus of $200,000 at the end of her term.