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Monday, June 29, 2015 11:12:53 AM
EDISON, N.J., June 29, 2015 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has sold its commercial office property located at 14 Sylvan Way, in Mack-Cali Business Campus, Parsippany, New Jersey, for approximately $81.4 million to Griffin Capital Essential Asset REIT II, Inc. In addition to the sales price, Griffin is assuming responsibility for approximately $2 million in future tenant improvement allowance.
14 Sylvan Way was developed in 2013 pursuant to a long-term, net lease to serve as the extension of Wyndham Worldwide Corporation's headquarters. The three-story, 203,506-square-foot class A office building is fully leased to Wyndham.
Mack-Cali was represented in the transaction by Jose Cruz and Kevin O'Hearn, both of HFF.
Mitchell E. Rudin, chief executive officer of Mack-Cali, commented, "This was an excellent opportunity to monetize the value of this class A corporate headquarters. The proceeds will be reinvested into more strategic growth opportunities."
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 279 properties, consisting of 260 office and office/flex properties totaling approximately 30.5 million square feet and 19 multi-family rental properties containing approximately 5,700 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com.
http://www.prnewswire.com/news-releases/mack-cali-sells-morris-county-new-jersey-commercial-office-property-300106076.html
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