CLI - Mack-Cali announces $255M sale of short hills office portfolio

Mack-Cali Realty ([[CLI]] +0.1%) announces $255M sale of its Short Hills, New Jersey office portfolio, a four office building portfolio encompassing 843,300 square feet, to The Birch Group. The transaction releases ~$100M of net proceeds, after retirement of financing and transaction costs, which is expected to be used to pay down the company's unsecured corporate debt during Q2."This transaction represents yet another significant step towards simplifying our company through the disposition of suburban office properties while generating liquidity to pay down corporate debt and strengthen our balance sheet. I would like to thank the team for their hard work and commitment to closing this complex transaction expeditiously." said Mahbod Nia, CEO.

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Mack-Cali announces $255M sale of short hills office portfolio