PARSIPPANY, NJ—Mack-Cali Realty Corp. announcedthe sale of its 22 Sylvan Way office property herefor $96.6 million Thursday, the same morning as its first-quarterearnings report of a first-quarter loss-per-common-share of$0.17.

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In the public earnings call, the REIT's executivesdiscussed their continuing full-speed-ahead push to build thecompany's multi-family portfolio, financing this with sale ofnon-core office properties.

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The 22 Sylvan Way building, net-leased long-term to WyndamWorldwide Corp., was sold to Griffin Capital Corp.In addition to the sales price, Griffin is assumingresponsibility for $7 million in future tenantimprovement-allowance and commission obligations.

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Mitchell E. Hersh, president and CEO ofMack-Cali, said in the morning call that Mack-Cali's proceeds fromthe sale calculate out to $99 million.

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The Parsippany building was developed in 2009 to be theheadquarters for Wyndham Worldwide, the hoteland hospitality chain. Located in the Mack-Cali Business Campus, 22Sylvan Way is a three-story, 249,409-square-foot, class A officebuilding that has LEED for Commercial Interiors andLEED for Existing Buildings: Operations & MaintenanceSilver ratings.

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Wyndham extended the lease term to coincide with the term on itsrecently completed headquarters expansion at the adjacent 14 SylvanWay, also developed and owned by Mack-Cali.

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Mack-Cali was represented in the transaction by JoseCruz and Kevin O'Hearn, both ofHFF.

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Hersh said, “Due to the long-term lease with Wyndham, this wasan excellent opportunity to monetize the value of this class Acorporate headquarters. The proceeds will be reinvestedinto more strategic growth opportunities throughout theNortheast.”

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In the morning call, Hersh noted the recent acquisition of a220-unit multifamily property in Andover, MA, for $37.7 million asindicative of the well-situated upscale apartment buildingsMack-Cali will continue to pursue.

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