Mack-Cali Realty Corp. has sold four office buildings in the Metropark submarket for $254 million, as it sheds another key piece of its once-sprawling suburban portfolio.
Vacancy in the northern New Jersey office market grew for four straight quarters in 2020, even as a handful of industries showed the ability to withstand the effects of pandemic.
NJ Transit is seeking would-be developers for two sites, including property at the busy Metropark station in Woodbridge and a parcel near Liberty State Park in Jersey City.
Office leasing in New Jersey rebounded modestly in the third quarter, even as the pandemic continues to weigh on the market and fuels a sizable uptick in availabilities.
SJP Properties has completed a new 12,800-square-foot lease at a Woodbridge office building, providing a home for the New Jersey operations of a global banking firm.
Mack-Cali Realty Corp. will largely stay the course for now, its interim CEO said this week, with a continued focus on selling its suburban office buildings and stabilizing its waterfront portfolio as it searches for a permanent chief executive.
New Jersey’s office market saw two major leases and a pair of blockbuster sales in the first quarter, headlining an active start to the year before the onset of the coronavirus crisis.
