- $487.5 Million Transaction Expected to Close in Second Quarter of 2019 -
- Portion of Proceeds Will be Used to Repay Approximately $230 Million of Unsecured Debt -
JERSEY CITY, N.J., March 11, 2019 /PRNewswire/ -- Mack-Cali Realty Corporation (CLI), a waterfront centric office and residential property owner, today announced that it has entered into two definitive agreements with one buyer for the sale of its 3.1 million square foot office/flex portfolio. The aggregate purchase price for the portfolio is $487.5 million. A portion of the proceeds from the sale will be used for the repayment of approximately $230 million of unsecured debt.
Michael DeMarco, Chief Executive Officer stated, "The sale of our office/flex portfolio substantially completes our strategic repositioning. Mack Cali's evolution to a waterfront centric office and residential landlord is complete. Proceeds from the sale of this portfolio will be used in part to pay down debt and to purchase Soho Lofts, a 377-unit apartment community in Jersey City, which furthers our waterfront strategy."
The sale of the portfolio is subject to normal and customary undertakings, covenants, obligations and closing conditions. The Company anticipates completing the sale of the office/flex portfolio early in the second quarter of 2019 to RMC Acquisition Entity, LLC, an affiliate of the Robert Martin Company, LLC.
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 the Northeast. 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 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.
For more information on Mack-Cali Realty Corporation and its properties, visit www.mack-cali.com.
Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
Michael J. DeMarco
Mack-Cali Realty Corporation
Chief Executive Officer
Mack-Cali Realty Corporation
Senior Vice President,
and Investor Relations
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