Investment sales volume is on the rise for office buildings in three southern New Jersey counties, with nearly 800,000 square feet changing hands to start the year and another 2.7 million square feet on the market or under agreement.
Mack-Cali Realty Corp. 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.
RXR Realty has completed the $368 million sale of six office buildings in Short Hills and Madison to Mack-Cali Realty Corp., according to HFF, in a high-profile trade involving one of the state’s most high-end suburban submarkets.
Experts say the struggles of New Jersey’s suburban office market are not as clear-cut as many still believe. Those challenges are in fact real, but there are still plenty of opportunities for owners and developers to make a splash.
The work of a local artist is now on display at Harborside in a Jersey City, where Mack-Cali Realty Corp. is hoping to transform its flagship office complex.
Mack-Cali Realty Corp. is set to open the doors to a new 762-unit apartment tower in Jersey City and is pushing ahead with a $1 billion multifamily construction pipeline, the company said, as it finalized a plan to raise $300 million for acquisitions in the high-end rental space.
With a goal of reshaping its footprint as a “totally class A portfolio,” Mack-Cali Realty Corp. has sold more than 35 of its office buildings since the start of 2016, the company said, reaping more than $700 million from properties that it deemed nonstrategic or underperforming.
Mack-Cali Realty Corp. has acquired three office buildings in Red Bank for $26 million while selling a property in Bridgewater, in separate transactions arranged by Cushman & Wakefield.
Looking to replicate its success with other suburban office properties, Vision Real Estate Partners has acquired a three-building, 610,000-square-foot portfolio on Eisenhower Parkway in Roseland, where the firm is now planning a series of upgrades.
