101 Hudson Street in Jersey City — Courtesy: Mack-Cali Realty Corp.
By Joshua Burd
Mack-Cali Realty Corp. has appointed CEO Michael J. DeMarco to its board of directors.
The real estate investment trust on Thursday announced the move, effective immediately, as part of a series of changes to its corporate governance. The move brings the board up to 10 members.
“We are pleased to announce changes to the board of directors and enhancements to our corporate governance,” said William L. Mack, chairman of the board. “Mike has been instrumental in transforming Mack-Cali since joining the company in the summer of 2015, and we believe that his stewardship will lead to additional shareholder value as we move ahead.”
DeMarco’s role has included trimming the REIT’s once-sprawling office portfolio and focusing it on rail-served, urban submarkets such as the Hudson waterfront and high-end suburban submarkets such as Short Hills and Metropark. Mack-Cali has sold a host of noncore properties in recent years and used those proceeds to ramp up its multifamily pipeline, which is overseen by its Roseland subsidiary.
