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Mack-Cali Realty to Sell Entire 6.6M SF Suburban Office Portfolio

Mack-Cali reports it has sold two suburban office portfolios totaling approximately 2.4 million square feet in Parsippany and Madison, NJ to Onyx Equities.

In July of this year, a joint venture of Onyx Equities, LLC and Garrison Investment Group acquired 650 From Road, a 373,420-square-foot office building in Paramus, from Mack-Cali Realty Corp. In July of this year, a joint venture of Onyx Equities, LLC and Garrison Investment Group acquired 650 From Road, a 373,420-square-foot office building in Paramus, from Mack-Cali Realty Corp.

JERSEY CITY, NJ—The Mack Cali Realty Corp. Board of Directors has decided to sell its 6.6-million-square-foot suburban office portfolio.

In connection with that initiative, Mack-Cali reports it has sold two suburban office portfolios totaling approximately 2.4 million square feet of office space in Parsippany and Madison, NJ to Onyx Equities, LLC in partnership with Taconic Capital Advisors, L.P. and Axonic Capital LLC. The sale totals approximately $285 million in cash and approximately $3.5 million of assumed lease obligations.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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