Transactions - MARCH 30, 2021

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Mack-Cali sells $254m Metropark office portfolio

by Andrea Zander

Mack-Cali Realty Corp. has sold its Metropark portfolio of office assets located in Edison, N.J., and Iselin, N.J., for $254 million to Opal Holdings.

The disposition, comprising four office buildings containing 945,906 square feet, represents one of the largest suburban office transactions this year and continues to demonstrate strong execution of Mack-Cali's strategy of divesting its suburban office assets, signaling a strong start to 2021. The company plans to use the sales proceeds to pay down its unsecured corporate debt during the second quarter of 2021.

"This sale marks a key milestone in our strategy to sell noncore suburban office assets, which we expect to substantially complete in the near future," said Mahbod Nia, CEO of Mack-Cali. "I commend the team's focus and tireless efforts to bring such a significant transaction across the finish line despite the challenges of the current environment."

The portfolio, comprising of 99 and 101 Wood Ave. South an

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