Mack-Cali Realty Corporation closed the $255-million sale of its New Jersey Short Hills office portfolio, a four- building office portfolio encompassing 843,300 square feet, to The Birch Group. The transaction releases approximately $100 million of net proceeds.
“This transaction represents yet another significant step towards simplifying our company through the disposition of suburban office properties,” said Mahbod Nia, CEO of Mack-Cali.
The portfolio includes 51, 101, 103 and 150 JFK Parkway in Short Hills, NJ. The Birch Group has hired Gensler for design enhancements.
Cushman & Wakefield’s David Bernhaut said, “This is a fantastic acquisition for The Birch Group, which has been one of the most active buyers across the Tri-State Region, and we are thrilled to once again execute on a milestone transaction for Mack-Cali.” Bernhaut led the assignment alongside Andy Merin, Gary Gabriel, Frank DiTommaso and Seth Zuidema, in conjunction with Adam Spies and Kevin Donner.
Source: Connect Media