UPPER SADDLE RIVER, NJ-Mack-Cali Realty Corp. is looking to convert space being vacated by Pearson Education into luxury condo apartments.
The Edison, NJ-based REIT intends to convert tenant Pearson’s current 475,000-square-foot headquarters and site at 1 Lake St. to other uses when the publishing firm relocates to Hoboken in a few years, according to The Record.
“It means that we will be taking a site, a magnificent site in the suburban market, and we will reposition that site for multi-family housing apartments—high-end, condominium quality—to support renters of choice and some office and other mixed use,” Mak-Cali CEO Mitchell Hersh said. Hersh detailed his company’s plans for the site at a panel of the New Jersey Gold Coast Investment Summit in Jersey City on Tuesday. See story in The Record.