Mack-Cali Realty Corp. has sold another suburban office property, as the Birch Group bought 7 Campus Drive in Parsippany from the Jersey City-based real estate investment trust for $12.75 million.
The sale of the 154,820-square-foot property brings Mack-Cali’s year-to-date suburban office dispositions to $270.35 million, as the REIT continues to adjust its portfolio focus.
“We have been deliberate and diligent in following through on our strategic suburban disposition strategy, and this is yet another example of the team’s continued work,” Chair and interim CEO MaryAnne Gilmartin said in a prepared statement. “Divesting noncore assets will enable us to refocus on our key priorities, namely the repositioning of our Harborside office campus and paying down corporate debt.”
Mack-Cali executives indicated the repositioning will continue.
“We have buyer activity on every piece of our suburban portfolio and expect to continue to execute additional sales in the coming months,” Ricardo Cardoso, executive vice president and chief investment officer, said in a statement.
