John Hynes III of Gale

To pursue a global investment strategy, the Gale Co. recently signed a deal to sell its New Jersey real estate portfolio and related support operations to Mack-Cali Realty Corp. for $545 million. Funds from that transaction and others in progress will go toward an international investment vehicle. They will also be used to recapitalize Gale International–a separate, privately held company. Gale International’s efforts include what’s been called the world’s largest real estate project, the $25-billion New Songdo City in Incheon, South Korea. The $2-billion first phase is getting under way now. The company is also pursuing opportunities in China, Boston, New York and California. Gale International is led by managing partners Stanley C. Gale and John B. Hynes III. In an exclusive interview with GlobeSt.com, Hynes talks about international and national development efforts and the challenges the company faces.

GlobeSt.com: What does the Mack-Cali transaction mean for Gale?

Hynes:The Gale Co. has transitioned over the past few years with its global platform we’re calling Gale International. It started with our New Songdo City project five years ago. The activity level over there is growing and the focus and demands on our time are increasing. As that became a bigger ongoing concern we still continued to run the Gale Services Co. out of Florham Park, NJ. As luck would have it–it wasn’t premeditated or any big strategy play–the capital markets are always looking for stable assets and Mack-Cali approached Stan Gale a few months ago to talk about the New Jersey portfolio. It made sense to cut that one loose and concentrate further on the international program. It made all the sense in the world.