Mack-Cali Realty Corporation (NYSE: CLI) announced today that it has completed the sale of 5 Vaughn Drive in Princeton, NJ to American Equity Partners for a total of $7.5 million.
“We continue to make great progress on our divestment strategy, which includes shedding suburban assets and fortifying our balance sheet,” said MaryAnne Gilmartin, Board Chair and Interim Chief Executive Officer of Mack-Cali Realty Corporation. “We will remain diligent in our efforts to reduce corporate debt and re-focus on our core assets, including Harborside and multifamily assets across the region.”
5 Vaughn Drive is a nearly 100,000-square-foot, Class A office building within the Princeton Metro Center complex, which is 30% leased. The complex is well-located, close to downtown Princeton and adjacent to the train station.
The deal was led by Ricardo Cardoso, EVP and Chief Investment Officer. “Ricardo and his team have done a fantastic job advancing our suburban disposition strategy, despite any obstacles the pandemic could have presented,” Gilmartin added. “I commend everyone on the team for getting yet another transaction over the finish line.”
Last month the Company announced the completion of the Phase 1 sale of its Parsippany and Giralda Farms portfolio, comprising 11 buildings in Morris County for a total of $167.6 million. In addition, the Company has closed on the sale of its 325 Columbia Turnpike asset in Florham Park, NJ for $25.8 million, as well as the first asset of its Phase II sales tranche of its Parsippany and Giralda portfolio, 9 Campus Drive in Parsippany, NJ for $21.0 million.
About Mack-Cali Realty Corporation
One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout New Jersey. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.
A fully integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for over two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multifamily residential communities available for lease can be found on the Company’s website at www.mack-cali.com.
