Mack-Cali Will Refocus on Urban Waterfront, Multifamily

EDISON, NJ—Mack-Cali Realty Corporation says it will refocus the company over the next three years, with a greater concentration of investment in multifamily and mixed-use properties serving the urban waterfront and transit-oriented markets, reducing its investment in office properties to a select portfolio of class A assets. The firm also says it will transfer its Roseland subsidiary into a separate wholly owned real estate investment trust, Roseland Property Trust.

“Our team is committed to unlocking value for our stakeholders by refocusing the company to take advantage of our class A assets and expanding our luxury multi-family holdings,” says Mitchell Rudin, chief executive officer. “People today want to live, work, and play in the same area. They want transit options – how they get to work is almost as important as where they work. Changes we are making to our portfolio and improvements we are making in our efficiency will create a sleeker, more responsive company that is better able to achieve its long-term goals and meet the future needs of our tenants and residents.”