JERSEY CITY, NJ—Following the rejection of itsproposal seeking the possible financial restructuring and sale ofMack-Cali Realty Corporation, Bow Street, whichowns about 4.5% of Mack-Cali stock, has launched aproxy fight seeking the election of its four proposed candidates tothe company's board of directors.

The proxy move comes two days after Mack-Calirejected the Bow Street proposals as “grosslyinadequate, illusory, unworkable and not in the best interest ofthe Company or its stockholders.” Mack-Cali begandistributing its own proxy materials April 29.Mack-Cali shareholders meet June 12.

Mack-Cali reported financial results for thefirst quarter of 2019 that included net income available to commonshareholders of $244.5 million, or $2.66 per share, vs. $43.0million, or $0.45 per share, for the quarter ended March 31, 2018,but the increased net income was fueled by $563 million of assetsales that generated a gain of $268 million for the first quarterthis year. The company says the asset sales mark “the substantialcompletion” of its non-core asset sales program, suggesting thatsimilar revenues may not be available in future quarters.