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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.
- ◦Sale
