EDISON, NJ—Mitchell E. Hersh, who steps down in May 2015 as president and chief executive officer of Mack-Cali, will receive $8 million in cash as part of a severance package that includes accelerated vesting of stock options and paid medical benefits for his family for up to four years after he leaves the company, according to the company's Form 8-K, filed with the Securities and Exchange Commission late Tuesday.

NEW YORK CITY—Having established a track record in multifamily, locally based Candlebrook has made five student housing acquisitions in Indiana and three other states.

SANTA MONICA, CA—Leadership will include Thomas Barrack and Richard Saltzman, and the full management team of Colony Capital LLC would transition to the merged company, Colony Capital Inc.