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.
Mack-Cali Realty Corp. is seeking a buyer for another large piece of its real estate footprint — a group of more than two dozen office and flex buildings in Burlington County.
Office leasing in three southern New Jersey counties saw a slight uptick in late 2016, according to a new report, pushing vacancy in the region to just under 11 percent to end the year.
