Madison International Realty has acquired a 5 percent ownership stake in Mack-Cali Realty Corp., holding approximately 4.5 million shares.
“We acquired the shares at what we believe to be a discount to net asset value, and we believe Mack-Cali holds material upside potential. We see a significant discrepancy between how the public market is pricing the company’s shares and our private valuation,” said Ronald Dickerman, president of Madison International Realty. “The company has articulated and is executing a transition to become a focused play on prime office and multifamily residential properties on the New Jersey waterfront and is committed to closing the NAV discount in its shares.
“The company has divested, and has stated that it will continue to divest, legacy suburban and flex assets to focus on office and multifamily directly across the Hudson River from Manhattan, Brookfield Place and Hudson Yards, and offers its prime space at a significantly discoun
