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Mack-Cali buys New Jersey portfolio for $368m

by Andrea Waitrovich

RXR Realty has sold a portfolio of six class A office properties totaling 1.1 million square feet in Northern New Jersey for $368 million. The buyer was Mack-Cali Realty Corp., and the sale represents one of the largest office portfolios to ever trade in the state.

HFF marketed the property exclusively on behalf of the seller.

The 91 percent leased portfolio comprises 51, 101 and 103 JFK Parkway in Short Hills, N.J., and 1, 3 and 7 Giralda Farms in Madison, N.J.

Notable tenants include KPMG, Wells Fargo, Merrill Lynch, UBS, Dun & Bradstreet, Investors Bank, Citibank, Franklin Mutual Advisors, Pfizer and Prudential. All of the properties are located in the high-growth Route 24 Corridor, which is close to the affluent residential communities of Millburn, Summit, Livingston, Chatham and Florham Park. Additionally, the properties benefit from a strong retail amenity base including The Mall at Short Hills, the downtown areas of Morristown, Madison and Summit and

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