Millennial Office Tastes Find Expression in $50M Mack-Cali Capital Plan

Lobby of 7 Sylvan Way, Parsippany, NJ (Ben Gancsos photo)

JERSEY CITY, NJ—Acknowledging the changes in office lifestyle expectations that have made many suburban office properties less-desirable to millennial tenants, Mack-Cali Realty Corporation says it is investing $50 million to significantly upgrade its portfolio of office properties in certain transit-oriented suburbs of New Jersey.

By pruning its office portfolio over the past three years, Mack-Cali has reduced its holdings to “a more select portfolio of quality locations where people either had high-end executive housing and multiple transit options,” says Michael DeMarco, president of Mack-Cali.