EDISON, NJ—Mack-Cali Realty Corp. says that during the first quarter it reached agreements to sell assets in Washington, DC and Manhattan for approximately $365.5 million. The sales are part of the firm's $750 million goal for dispositions outlined last year in the company's strategic plan and represent an exit from these markets.
As previously reported by GlobeSt.com, Mack-Cali is exiting non-core markets in order to pay down debt, fund capital expenditures, and increase holdings in waterfront and transit-based locations, if available, as well as renovate and reposition existing assets.
“These deals bring us halfway to our goal of $750 million in dispositions. We are proud to have made this much progress so early in the year,” says Michael J. DeMarco, Mack-Cali president. “With these sales the company is well positioned to push ahead with our strategic plan and ultimately to return significant value for our investors.”
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