A portfolio of six, Class A office properties totaling 1.1 million square feet in Northern New Jersey has been picked up by Mack-Cali Realty Corporation. The firm paid $368 million or just under $335 per sqf for the assets located west of Newark in Short Hills and in Madison. Currently 91 percent leased, the portfolio’s national tenants include KPMG, Wells Fargo, Merrill Lynch, UBS, Dun & Bradstreet, Investors Bank, Citibank, Franklin Mutual Advisors, Pfizer and Prudential. Holliday Fenoglio Fowler marketed the property exclusively on behalf of the seller, RXR Realty, and procured the buyer.
“This acquisition signifies Mack-Cali’s substantially expanded presence in the affluent Short Hills submarket—positioning us as the owner of nearly all of the Class A office space, as well as some of the most premier assets in the Madison submarket. This transaction exemplifies our strategy of owning only the best assets in strong markets that offer tenants state-of-the-art office spaces with a suite of first-class amenities,” said Michael J. DeMarco, Mack-Cali President.
