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Mack-Cali Records $365.5M in Disposition Agreements During Q1

EDISON, NJ—Mack-Cali Realty Corporation says that during the first quarter it reached agreements to sell assets in Washington, DC and Manhattan for approximately $365.5 million. The sales are part of the firm’s $750 million goal for dispositions outlined last year in the company's strategic plan and represent an exit from these markets.

Michael DeMarco, president of Mack-Cali Realty Corporation Michael DeMarco, president of Mack-Cali Realty Corporation

EDISON, NJ—Mack-Cali Realty Corp. says that during the first quarter it reached agreements to sell assets in Washington, DC and Manhattan for approximately $365.5 million. The sales are part of the firm’s $750 million goal for dispositions outlined last year in the company’s strategic plan and represent an exit from these markets.

As previously reported by GlobeSt.com, Mack-Cali is exiting non-core markets in order to pay down debt, fund capital expenditures, and increase holdings in waterfront and transit-based locations, if available, as well as renovate and reposition existing assets.

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Steve Lubetkin

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].

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