At the same time it made the announcements, though, Mack-Cali issued its 4th quarter 2013 results, showing a net loss to common shareholders of $54.2 million, or $0.62 per share.

The company expressed "comfort" with this year's projected net income and expected funds from operations, but reduced its expectations for the full year 2014 to anticipated funds of $1.75 to $1.95 per diluted share. It projected shareholder net income would be in the range of a loss of 3-cents per share to a gain of 17-cents per share.

Mack-Cali CEO Mitchell E. Hersh said in the Monday morning statement: “This announcement reflects an important step in our ongoing strategic transition and will result in significant cost savings. The reorganization of our team will create a more efficient management structure and facilitate our ongoing diversification into the multi-family sector.”

Mack-Cali has been rapidly transforming itself into a force in the multi-family market over the past few years, after decades as a developer, owner and operator of commercial office properties.

Lefkowitz and Thomas “provided capable and valued service to Mack-Cali and its predecessor companies for more than 20 years,” the Monday statement said. Thomas will stay on as a consultant for six months to assist in transitions.

Anthony Krug, the company's chief accounting officer, will serve as acting chief financial officer of Mack-Cali. Gary Wagner, senior associate general counsel, will serve as acting chief legal officer and interim secretary of Mack-Cali. Also, Ivan Baron, general counsel for Mack-Cali subsidiary Roseland, will serve as chief legal officer of Roseland.

Hersh said, “We thank Barry and Roger for their service and contributions to Mack-Cali, and wish them the best in their future endeavors.”