Mack-Cali Realty Corporation announced the disposition of 581 Main Street, a 203,335 s/f office building in Woodbridge Township, NJ. The transaction continues Mack-Cali’s ongoing strategic sale of its suburban assets.
The Company recently announced the sale of 7 Campus Drive in Morris County, NJ for $12.75 million.
“As we’ve said before, we will continue to divest our suburban office assets and are encouraged by the activity we’ve seen to-date,” said MaryAnne Gilmartin, Board Chair and Interim Chief Executive Officer of Mack-Cali.
“In addition, we remain laser focused on the repositioning of Harborside and working with our existing tenants to support them as employees look to return to the office.”
581 Main Street benefits from several recently completed capital improvement projects, including a complete lobby renovation and the addition of a new cafe and conference center facilities.
“We are particularly pleased with this strong execution given the successful lease up of the building that followed our repositioning of the asset,” said Ricardo Cardoso, EVP and Chief Investment Officer of Mack-Cali.
The transaction was facilitated by Cushman & Wakefield of New Jersey. The building was purchased by 581 Main Street, LLC, a subsidiary within the Plymouth Rock Group of Companies, and it will continue to serve as Plymouth Rock’s New Jersey headquarters. Longpoint Realty Partners served as an advisor to the purchaser.