Mack-Cali cedes board control to Bow Street

Mack-Cali Realty Corp. has reached an agreement with a rebelling investor that will see Bow Street LLC take control of the real estate investment trust’s board, it announced.

The Jersey City-based REIT said the new board will include eight directors nominated by Bow Street, who had initially faced a slate proposed by Mack-Cali. The ninth director will be nominated by Mack-Cali.

The nine are:

  • Alan R. Batkin;
  • Michael Berman;
  • Frederic Cumenal;
  • MaryAnne Gilmartin;
  • Tammy K. Jones;
  • Akiva Katz;
  • Nori Gerardo Lietz;
  • Mahbod Nia; and
  • Howard Stern.

Directors who will be leaving the board include Chairman William Mack, who had reached the mandatory retirement age, CEO Mike DeMarco and:

  • Alan S. Bernikow;
  • Lisa Myers;
  • Laura H. Pomerantz;
  • Irvin D. Reid; and
  • Rebecca Robertson.

The REIT postponed its annual meeting from Wednesday until July 1, with the new board overseeing the company until the formal election.

“William Mack, Alan Bernikow and Michael DeMarco have assembled a world-class suite of assets, and I look forward to working collaboratively with management and my fellow elected directors to unlock value for all stakeholders in the years to come,” Katz, Bow Street’s managing partner, said in a prepared statement.