JERSEY CITY, NJ—Acknowledging the changes in office lifestyle expectations that have made many suburban office properties less-desirable to millennial tenants, Mack-Cali Realty Corporation says it is investing $50 million to significantly upgrade its portfolio of office properties in certain transit-oriented suburbs of New Jersey.
By pruning its office portfolio over the past three years, Mack-Cali has reduced its holdings to “a more select portfolio of quality locations where people either had high-end executive housing and multiple transit options,” says Michael DeMarco, president of Mack-Cali.
“We looked at these buildings, and as with a lot of New Jersey real estate, a lot of it hadn't been remediated in many years, so we looked at what the current market standards were, and we tried to add to each property those standards, so new lobbies, new cafes, new gyms, new conference centers,” DeMarco told GlobeSt.com in an exclusive interview. “We're activating the landscape, putting in athletic components wherever possible.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
