Mack-Cali Realty Corp. has completed the $487.5 million sale of its 56 building, 3.1 million-square-foot office/flex portfolio, the property owner announced Wednesday.
Proceeds from the sale will be used to repay $210 million of unsecured debt at the end of the first quarter.
“The sale of our office/flex portfolio is an important part of our strategic repositioning and our evolution to a waterfront centric office and residential landlord. Proceeds from the sale of this portfolio were used in part to pay down debt and in part for the recent purchase of Soho Lofts, a 377-unit apartment community in Jersey City, which furthers our waterfront strategy,” Michael J. DeMarco, CEO, said.
As part of the deal, the undisclosed buyer redeemed 301,638 of its common operating partnership units, valued at $6.6 million.
Other terms of the deal were not disclosed.