Mack-Cali Realty Corp. (CLI)

[Enterprising Investor]

Mack-Cali Announces Acquisition Of 3 Sylvan Way Office Property in Parsippany (1/07/16)

EDISON, N.J., Jan. 7, 2016 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today announced the acquisition 3 Sylvan Way, an empty 147,241-square-foot, three-story, class A office building located in Parsippany, New Jersey. This acquisition enhances the company's holdings at the 600-acre Mack-Cali Business Campus, which includes 15 class A office properties totaling approximately 2.1 million square feet of space.

3 Sylvan Way features 50,000-square-foot floor plates with a saw-tooth design and large, open spaces providing great natural light. Along with One and 5 Sylvan Way, the buildings share a connected, below-grade parking structure which acts as a protected walkway and provides easy access for tenants to utilize amenities across the complex.

The buildings will be repositioned as an interconnected three-building mini campus, as part of the overall Campus. The buildings will undergo significant renovations to bring tenants important upgrades. The capital investment plan includes lobby renovations, the creation of a full-service fitness center with yoga rooms and a golf simulator, an upgraded business-class conference center, and numerous dining options, including a full-service cafe and coffee bar.

"This acquisition is an example of how Mack-Cali is making it a priority to focus on our core holdings, like the Business Campus, that offer state-of-the-art office spaces with first-class amenities," said Mack-Cali president Michael DeMarco. "We are looking forward to making considerable investments in the entire Mack-Cali Business Campus to continue strengthening its position as a leading office location."

"Adding 3 Sylvan Way to our portfolio will allow us to join our properties in a way that will bring incredible value to both our portfolio and tenants," said Ricardo Cardoso, Mack-Cali executive vice president and chief investment officer. "Our renovation plans will allow Mack-Cali to command more attractive leasing rates."

Mack-Cali Business Campus is ideally located at the nexus of I-287 and routes 10 and 202, and offers shuttle service to the nearby Morris Plains train station.

Among the improvements that Mack-Cali Business Campus is slated to undergo are the introduction of multiple new amenities including:

•Interconnected pathways/walking jogging trails

•Enhanced dining options, including new on-campus restaurant pad sites

•Wegmans supermarket, scheduled to open in 2017

•The introduction of a "food truck park" in the center of the Campus

•Improved outdoor community spaces

•New and expanded fitness centers and conference facilities

•Renovated building lobbies

•New signage and branding

About Mack-Cali Realty Corporation
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, and other tenant-related services for its two-platform operations of waterfront and transit-based office and luxury multi-family assets. Mack-Cali owns or has interests in 276 properties, consisting of 148 office and 109 flex properties totaling approximately 30 million square feet and 19 multi-family rental properties containing approximately 5,700 residential units and a pipeline of 10,000 units, all located in the Northeast. Mack-Cali strives to provide its tenants and residents with the most innovative communities that empower them to re-imagine the way they work and live.

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-announces-acquisition-of-3-sylvan-way-office-property-in-parsippany-300200946.html