Mack-Cali Closes Metroview Acquisition

333 Thornall Street, Edison, NJ

EDISON, NJ —Mack-Cali Realty Corp. has closed the previously announced acquisition of 333 Thornall Street in Edison, NJ. Mack-Cali plans to connect the building with one that it already owns next door at 343 Thornall Street . As previously reported by GlobeSt.com, the purchase price was about $53.1 million. Central New Jersey’s Metropark  office submarket remains one of the state’s strongest from a tenancy and investment standpoint, and that was borne out by the sale of the 196,128-square-foot class A office tower . Cushman & Wakefield’s Metropolitan Area Capital Markets Group team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, and Frank DiTommaso in the firm’s East Rutherford, NJ, office, and Paul Giannone and Kevin Carton in Edison represented the seller, whom Cushman & Wakefield declined to identify. “This is a core investment in a particularly strong market,” says Bernhaut, noting that his team has sold the asset twice previously. “The seller did a very good job with the property during its ownership, making considerable investments in the entrance lobby, cafeteria, and common areas.” Known as Metroview, the 10-story class A property on 11.5 acres is within walking distance of the Metropark transit hub. It also has easy access to the Garden State Parkway, New Jersey Turnpike, I-287 and other major highways. Constructed in 1984 and renovated between 2011-2015, the property is LEED Silver certified, offers 574-car covered parking,  conferencing, and other services. Metroview has 21,000-square-foot floorplates, and was 96 percent occupied at the time of sale. Major tenants include AXA Equitable, ICAP Securities, Cohn Reznick, Lincoln National, Merrill Lynch and United Healthcare.  “The Metropark area office market is doing very well, with strong interest from investors – it’s one of a handful of markets in New Jersey that investors get really jazzed up about,” Gabriel says. “And from a tenancy perspective, the market’s occupancy rates are the envy of the state.”