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.
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.
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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