Gale Co. Looks to Recapitalize 4M-SF Portfolio

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FLORHAM PARK, NJ-The Gale Co., based here, and the New York City-based SL Green Realty Corp. have hired Eastdil Realty Co. to “explore various alternatives” for recapitalizing a jointly held portfolio of 29 office building totaling more than 4.2 million sf. The properties are located mostly in suburban Northern New Jersey locations.

“The venture partners’ objective is to realize the value created in the portfolio through the signing of more than 1.5 million sf of leases over the past 18 months, at a time when favorable market conditions prevail in both debt and equity markets,” according to a prepared statement issued by the companies. “The recapitalization will provide the venture with additional resources to focus on its objective to acquire and develop value-added suburban office properties in the tri-state [New York, New Jersey and Connecticut] area.”