NEW YORK - (April 3, 2019) - Seyfarth Shaw LLP represented Mack-Cali Realty Corporation, a waterfront centric office and residential property owner, in the $487.5 million sale of its 56-building, 3.1 million square foot office/flex portfolio.
A portion of the proceeds from the sale was used to repay $210 million of unsecured debt at the end of the first quarter. As part of the sales consideration, the purchaser redeemed 301,638 of its common Operating Partnership units, which were valued at $6.6 million. Inclusive of proceeds from the sale of the Elmsford Distribution Center portfolio on December 31, 2018, the Company has retired $280 million of unsecured debt from sales of flex portfolios.
One of the country's leading Real Estate Investment Trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. A fully-integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for two decades. For more information on Mack-Cali Realty Corporation and its properties, visit www.mack-cali.com.
The Seyfarth team was led by Real Estate partner Miles Borden and Corporate partner John Napoli in New York. The team also included Real Estate counsel Brooks Marro (Atlanta), Corporate/Tax counsel Steven Crainer (New York) and Michael Rosenthal (New York), and Real Estate associate Evan Gordon (New York).