Mack-Cali Pays $235M for 111 River St. in Hoboken, Makes Other Asset Sales and Buys

Waterfront Corporate Center One, 111 River St., Hoboken, NJ. Mack-Cali is buying the property from Equity Commonweath for $235 million.

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.