Mack-Cali Realty Sells 3.1 Million Commercial and Residential Real Estate Portfolio for $487.5 Million

Michael J. DeMarco

JERSEY CITY, NJ, April 3, 2019 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI), a waterfront centric office and residential property owner, announced that it has executed the sale of its 3.1 million square foot office/flex portfolio. 

The aggregate sales price for the portfolio was $487.5 million.  A portion of the proceeds from the sale was used to repay $210 million of unsecured debt at the end of the first quarter. 

As part of the sales consideration, the purchaser redeemed 301,638 of its common Operating Partnership units, which were valued at $6.6 million.  

Inclusive of proceeds from the sale of the Elmsford Distribution Center portfolio on December 31, 2018, the Company has retired $280 million of unsecured debt from sales of flex portfolios.

Michael J. DeMarco, Chief Executive Officer, stated, "The sale of our office/flex portfolio is an important part of our strategic repositioning and our evolution to a waterfront centric office and residential landlord. 

 Proceeds from the sale of this portfolio were used in part to pay down debt and in part for the recent purchase of Soho Lofts, a 377-unit apartment community in Jersey City, which furthers our waterfront strategy."

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For more information on Mack-Cali Realty Corporation and its properties, please visit www.mack-cali.com.

   

CONTACTS:

Michael J. DeMarco
Mack-Cali Realty Corporation
Chief Executive Officer
(732) 590-1589
mdemarco@mack-cali.com

Deidre Crockett
Mack-Cali Realty Corporation
Senior Vice President,
Corporate Communications
and Investor Relations
(732) 590-1025
dcrockett@mack-cali.com