Mack-Cali Completes Gale Acquisition

CRANFORD, NJ-Mack-Cali Realty Corp., based here, has completed its previously announced acquisition of the Gale Real Estate Services Co., Florham Park, as well as interests in some 2.8 million sf of office properties in New Jersey. As part of the deal, Gale president Mark Yeager will continue in that role and add the title of executive vice president of Mack-Cali.

“This is a watershed event for Mack-Cali,” says Mitchell E. Hersh, the REIT’s president and CEO. “It solidifies our dominant market position, and it provides us with a powerful engine for further growth.”

As reported earlier, the deal calls for Mack-Cali to pay $12 million in cash, $10 million in common shares and up to another $18 million in cash based on a three-year earn-out for Gale Real Estate Services. During that period, Stan Gale will serve as non-executive vice chairman of Gale Real Estate. Hersh will be the company’s chairman and CEO in addition to his Mack-Cali duties.