- Mack-Cali Realty’s (CLI +1.3%) board decides to sell the company’s entire suburban office portfolio, totaling about 6.6M square feet of office space, in response to a recommendation by its Shareholder Value Committee.
- As the first step, the board approves the sale of two suburban office portfolios, consisting of ~2.4M square feet of office space in Parsippany and Madison, NJ, to Onyx Equities LLC for ~$285M in cash and ~$3.5M of assumed lease obligations.
- Plans to use available sales proceeds to pay down corporate-level, unsecured debt.
- Expects to complete the sale of its entire suburban officer portfolio in 2020.
- After completion of the sale, Mack-Cali’s holdings will consist of waterfront class A office portfolio of ~5M squaree feet and the Roseland multifamily operations.
Source: Seeking Alpha
