Mack-Cali Realty Corp. has sold a 203,000-square-foot Woodbridge office building for $61 million, continuing its divestiture of suburban office holdings, it announced this week.
The 203,335-square-foot building at 581 Main St. was purchased by 581 Main Street LLC, a subsidiary of the Plymouth Rock Group of Cos., and the property will remain Plymouth Rock’s New Jersey headquarters.
“As we’ve said before, we will continue to divest our suburban office assets and are encouraged by the activity we’ve seen to-date,” MaryAnne Gilmartin, chair and interim CEO of Jersey City-based Mack-Cali, said in a prepared statement. “In addition, we remain laser-focused on the repositioning of Harborside (office complex) and working with our existing tenants to support them as employees look to return to the office.”
The real estate investment trust’s Ricardo Cardoso, executive vice president and chief investment officer, added, “We are particularly pleased with this strong execution, given the successful lease-up of the building that followed our repositioning of the asset.”
Cushman & Wakefield facilitated the transaction, while Longpoint Realty Partners advised the buyer.