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Tri-State

Mack-Cali to buy Jersey City’s massive Liberty Towers

<em>(Credit: Jim.henderson)</em>
(Credit: Jim.henderson)

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Mack-Cali is shelling out $409 million for Liberty Towers in Jersey City as part of a deal worth $820 million, GlobeSt. reported. The firm plans to sell two properties in Boston, the Chase at Overlook Ridge and the Alterra at Overlook Ridge, to Rockpoint Group LLC for around $411.5 million, according to the outlet; the sale’s proceeds are being used to buy the  648-unit tower in Jersey City, the firm said. “This transaction allows us to further concentrate our capital on the waterfront where we believe our market share and operating familiarity with the community should allow us to enhance the performance of Liberty Towers,” Mack-Cali CEO Michael J. DeMarco said in a statement. [GlobeSt]

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Mack-cali Realty