NEW YORK CITY—He's been CEO of Mack-Cali Realty Corp. for a mere four months but Mitch Rudin already is making his mark. Earlier this month, the veteran chief executive—who will be interviewed at RealShare New York Oct. 14th in the conference's “Inside the Real Estate Mind” series—announced an ambitious three-year strategic plan for the firm.
It includes a “transformation” of the firm into an owner of waterfront and transit-oriented office properties and a regional owner of luxury multi-family properties. To accomplish that, the company has identified approximately $600 million to $800 million in assets that it will dispose to fund its capital plan.
That's a big undertaking, to be sure, but as a veteran CEO, Rudin is up for the challenge. Prior to joining Mack-Cali, he served as president and CEO of US commercial operations at Brookfield Office Properties, and previously was president of the New York tri-state region at CBRE.
Today, his first area waterfront area of focus is Jersey City, which he notes sits just six minutes away from Downtown via ferry. The company is creating a 763-unit multifamily tower that will be supported by retail, as well as Manhattan skyline views, abundant nearby housing, and access to regional transportation.
“We're creating one of the country's great waterfront mixed-use developments in Jersey City," Rudin declares. "Harborside will feature an extraordinary amenity package.”
And there's reason he's so bullish on Jersey City. “There's been significant activity in Jersey City. Many cool restaurateurs have moved there from Brooklyn, and there's affordability."
The firm also dabbles in the area's hospitality segment. “We're 50% owners of the Hyatt in Jersey City, he explains. Mack-Cali isn't looking to dive further in, but it isn't opposed either. “We inherited the hotel; we're not necessary looking at the segment. But we'll look at hospitality just as we do with other sectors and we'll do what makes sense.
Meanwhile, Rudin also is focused on the firm's suburban area portfolio. “We will be making investments in office parks in Parsippany, Paramus and White Plains in the two buildings closest to the train station. All of these markets have the potential for improvement and success because of their proximity to transportation and their high quality living areas.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
