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Mack-Cali Realty Corporation Sells New Jersey Offices to The Birch Group

Mack-Cali Realty Corporation Sells New Jersey Offices to The Birch Group
Posted on 04/22/2021
Nanuet, NY-based The Birch Group is a real estate investor, owner, and operator. The Birch Group acquired a US$ 255 million four-building office portfolio in Short Hills, New Jersey. The 843,300-square-foot portfolio comprises four class A office buildings in Short Hills. The office portfolio, comprising four buildings, includes 51 JFK Parkway, a 260,750-square-foot property, which is currently 86.9% leased; 101 JFK Parkway, a 197,196-square-foot property, which is currently 98.4% leased; 103 JFK Parkway, a 123,000-square-foot property, which is currently 100.0% leased; and 150 JFK Parkway, a 262,354-square-foot property which is currently 51.5% leased.
Mack-Cali Realty Corporation, a REIT, was the seller. ....

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Mack-Cali Announces $255 Million Sale of Short Hills Office Portfolio Advancing Suburban Office Sales Momentum

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JERSEY CITY, N.J., April 20, 2021 /PRNewswire/ Mack-Cali Realty Corporation (NYSE: CLI) today announces the $255 million sale of its Short Hills, New Jersey office portfolio, a four office building portfolio encompassing 843,300 square feet, to The Birch Group. The transaction releases approximately $100 million of net proceeds, after retirement of financing and transaction costs, which is expected to be used to pay down the Company s unsecured corporate debt during the second quarter of 2021.
This transaction represents yet another significant step towards simplifying our company through the disposition of suburban office properties while generating liquidity to pay down corporate debt and strengthen our balance sheet, said Mahbod Nia, Chief Executive Officer of Mack-Cali. I would like to thank the team for their hard work and commitment to closing this complex transaction expeditiously. ....

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Mack-Cali Names Mahbod Nia Chief Executive Officer

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JERSEY CITY, N.J., March 3, 2021 /PRNewswire/ Mack-Cali Realty Corporation (NYSE: CLI), a leading owner, manager, and developer of class A office and luxury multifamily real estate throughout New Jersey, today announced that its Board of Directors (the Board ) has named Mahbod Nia Chief Executive Officer, effective March 8, 2021. Mr. Nia, who has served as a director of Mack-Cali since June 2020, will succeed Interim CEO MaryAnne Gilmartin, who will serve as Special Advisor to ensure a smooth transition of responsibilities. With the selection of a permanent CEO, and to allow for the election of an independent Board Chair in accordance with the applicable NYSE independence guidelines, Ms. Gilmartin has stepped down as Board Chair, and will not run for re-election to the Board at the Company s 2021 Annual Meeting of Shareholders. She will remain a director through the Annual Meeting and return to her full-time role as CEO of MAG P ....

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Mack-Cali Names Mahbod Nia Chief Executive Officer

Mack-Cali Names Mahbod Nia Chief Executive Officer
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Bayonne lawyer joins Moses & Singer; Gastropub opens in Weehawken | Business Notes

Jersey City lawyer joins Moses & Singer; Gastropub opens in Weehawken | Business Notes
Updated Jan 07, 2021;
Posted Dec 30, 2020
Dean W. Steele of Jersey City has joined New York-based law firm Moses & Singer as the newest partner to its Corporate and Maritime and Multimodal Transportation practice groups.
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Dean W. Steele Joins Moses & Singer
Dean W. Steele of Jersey City has joined New York-based law firm Moses & Singer as the newest partner to its Corporate and Maritime and Multimodal Transportation practice groups. As a Master Mariner with more than 10 years-experience aboard large vessels and as former in-house counsel for a large international ship owner, Steele brings an insider’s perspective focusing on transportation law and insurance, shipping, private aircraft, real estate transactions and maritime litigation, as well as, a growing general corporate and dispute resolution practice. He joins the firm from Norton Rose Fulbright whe ....

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