Multifamily developer Veris Residential has canceled a stock offering intended to fund the acquisition of a 348-unit residential property. The company, formerly known as Mack-Cali Realty Corp., had announced a public offering of 10.5 million shares of its common stock but later withdrew the offering. The planned acquisition of 55 Riverwalk Place in New Jersey, to be funded by the offering’s net proceeds, has been terminated. 

Veris had a contingency plan in case the 55 Riverwalk Place deal fell through, which included repaying approximately $157 million in mortgage debt tied to its 377-unit Soho Lofts development in Jersey City, New Jersey. The company stated its commitment to value creation through capital allocation and platform, portfolio, and balance sheet optimization. 

Veris underwent significant changes in 2021, pivoting away from the suburban office market, changing its name, and experiencing a C-suite shakeup. The company faced a lawsuit from former CEO Michael DeMarco, which has since been settled. In 2022, Kushner Cos. attempted to acquire Veris but withdrew its offer, citing transparency concerns.