581 Main St. in Woodbridge — Courtesy: Mack-Cali Realty Corp.
By Joshua Burd
Mack-Cali Realty Corp. has sold a Woodbridge office building to its anchor tenant for $61 million, marking its latest disposition of a suburban asset in the state.
The real estate investment trust said it sold the 203,335-square-foot building, 581 Main St., to a business listed as 581 Main Street LLC. The buyer is a subsidiary within the Plymouth Rock Group of Companies, the parent of Plymouth Rock Assurance, which leases 130,000 square feet at the property.
Cushman & Wakefield brokered the transaction, Mack-Cali said, noting that Longpoint Realty Partners advised the buyer.
“As we’ve said before, we will continue to divest our suburban office assets and are encouraged by the activity we’ve seen to date,” said MaryAnne Gilmartin, Mack-Cali’s board chair and interim CEO. “In addition, we remain laser focused on the repositioning of Harborside and working with our existing tenants to support them as employees look to return to the office.”
Plymouth Rock Assurance is in the midst of a 12-year lease at the property, which it signed in 2018. The deal came as Mack-Cali was implementing upgrades across its suburban portfolio, including a lobby renovation and the addition of a new café and conference center facilities at 581 Main St.
“We are particularly pleased with this strong execution given the successful lease-up of the building that followed our repositioning of the asset,” said Ricardo Cardoso, executive vice president and chief investment officer at Mack-Cali.
The deal comes less than two weeks after the REIT announced the sale of another suburban building, 7 Campus Drive in Parsippany, and is among dozens of dispositions in recent years. The Jersey City-based company has committed to both right-sizing its once-sprawling office portfolio while focusing on its properties along the Hudson waterfront.