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Mack-Cali Records $365.5M in Disposition Agreements During Q1

EDISON, NJ—Mack-Cali Realty Corporation 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.

By Steve Lubetkin | stevelubetkin | Updated on March 16, 2016

Michael DeMarco, president of Mack-Cali Realty Corporation Michael DeMarco, president of Mack-Cali Realty Corporation

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.

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