EDISON, NJ—In one of the largest commercial transactions in Hoboken, Mack-Cali Realty Corp. is acquiring the 566,215 square-foot 111 River St. from Equity Commonwealth, a Chicago-based REIT, for $235 million.

Continuing its previously announced strategic repositioning of its portfolio, Mack-Cali says it has sold $300 million worth of assets so far this year, and expects to sell another $70 million by mid-May. Mack-Cali says it has reached agreement on another $63 million of sales, and is still seeking to sell another $230 million in assets. The proceeds from these dispositions will be used to pay down debt, fund development, and purchase suitable acquisitions.

“The sum total of this activity demonstrates clear progress toward achieving the strategic objectives we laid out for the company,” says Michael J. DeMarco, Mack-Cali president. “These moves reflect our disciplined approach to capital allocation and balance sheet maintenance while ensuring maximum earnings growth and pushing our stock price to over our NAV. The net effect of these transactions is estimated to be nine cents of earnings accretion for a full year on a GAAP basis and three cents on a cash basis.”