Mack-Cali Realty sells $488m office portfolio

Mack-Cali Realty Corp., a waterfront centric office and residential property owner, has sold a 56-building, 3.1 million-square-foot office/flex portfolio for $487.5 million. The buyer was an affiliate of the Robert Martin Company. Seyfarth Shaw represented Mack-Cali in the transaction.

A portion of the proceeds from the sale was used to repay $210 million of unsecured debt at the end of the first quarter. As part of the sales consideration, the purchaser redeemed 301,638 of its common operating partnership units, which were valued at $6.6 million. Inclusive of proceeds from the sale of the Elmsford Distribution Center portfolio on Dec. 31, 2018, the company has retired $280 million of unsecured debt from sales of flex portfolios.

Mack-Cali Realty Corp. is a REIT and an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. A fully-integrated and self-managed company, Mack-Cal