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Mack-Cali Divests Metropark Portfolio for $254M

Mack-Cali Realty Corporation said Tuesday it had sold its Metropark office portfolio, located in Edison and Iselin, NJ, for $254 million to Opal Holdings. The four-building disposition, totaling 945,906 square feet, represents one of the largest suburban office transactions this year.

“This sale marks a key milestone in our strategy to sell non-core suburban office assets, which we expect to substantially complete in the near future,” said Mack-Cali CEO Mahbod Nia. 

A Cushman & Wakefield New York metropolitan area capital markets team of Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema, in conjunction with Adam Spies and Kevin Donner of Cushman & Wakefield’s New York institutional investment sales team and leasing specialists Todd Elfand and Kevin Carton, led the assignment.

The portfolio, comprised of 99 and 101 Wood Ave. South in Iselin and 333 and 343 Thornall St. in Edison, is currently more than 90% leased.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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