Mack-Cali Realty Corp. to shed its entire suburban office portfolio

Tri-State /
Dec.December 27, 2019 03:19 PM

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]

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