Mack-Cali Realty Corporation announced the disposition of 7 Campus Drive, a 154,820 s/f office building in Parsippany, NJ, to Birch Group for approximately $12.75 million.
“We have been deliberate and diligent in following through on our strategic suburban disposition strategy and this is yet another example of the team’s continued work,” said MaryAnne Gilmartin, Board Chair and Interim Chief Executive Officer of Mack-Cali.
“Divesting non-core assets will enable us to refocus on our key priorities, namely the repositioning of our Harborside office campus and paying down corporate debt.”
This sale brings the year-to-date suburban office dispositions total to $270.35 million.
“We have buyer activity on every piece of our suburban portfolio and expect to continue to execute additional sales in the coming months,” said Ricardo Cardoso, EVP and Chief Investment Officer of Mack-Cali.