Michael J. DeMarco and Mitchell Rudin
By Joshua Burd
Mack-Cali Realty Corp.’s top two executives for the past two years are assuming new roles.
The real estate investment trust announced Wednesday that Michael J. DeMarco, who has served as president and chief operating officer since mid-2015, will assume the title of CEO. Mitchell Rudin, who had been CEO, will become vice chairman effective immediately.
“Given the strong success of Mack-Cali over the last two years under our leadership, the Company is well positioned to continue its strategic evolution,” DeMarco said in a prepared statement. “At this point in the process, in partnership with our board of directors, it was determined that I would assume the day to day leadership of the business and become chief executive officer and Mitch, my partner, would move to the newly created position of vice chairman, to continue his valuable role in the transformation of the Company.”
DeMarco and Rudin have made up the two-man leadership team at the real estate giant since taking over in spring 2015, following the tenure of longtime CEO Mitchell Hersch at the helm of New Jersey’s largest property owner. They have been charged with turning around a REIT that had been weighed down by a glut of suburban office space across the state and the region.
Since then, the company sold more than $750 million in office buildings that it has deemed as noncore to its revamped mission or that were underperforming. In the meantime, Mack-Cali has doubled down on top-performing areas such as Jersey City, now the site of its headquarters, and affluent, high-rent suburbs such as Short Hills and Madison.
The company has also ramped up its multifamily business through its Roseland Residential Trust subsidiary. Mack-Cali on Wednesday noted that Marshall Tycher will continue as chairman of Roseland Residential Trust.
“As we move ahead, Marshall, Mitch, and I are extremely enthused by the success of our transformation thus far and by the opportunities to continue to grow our dual, office and multi-family platform focused on the Hudson River Waterfront and transit-based markets,” DeMarco added. “We couldn’t be more confident in the direction of the Company, our revitalized culture, and our improving operations and balance sheet.”