Mack-Cali Realty Corporation


Mack-Cali Realty Corporation is a publicly traded real estate investment trust headquartered in Jersey City.
As of December 31, 2019, it owned or had interests in 71 properties, including 42 office properties comprising 10.4 million square feet, 21 apartment properties containing 6,524 apartments, 4 parking/retail properties totaling approximately 108,000 square feet, 3 hotels containing 723 rooms, as well as land holdings. With the exception of a few properties in New York and Massachusetts, all of the properties are in New Jersey.

Investments

Notable investments owned by the company include:
The company was founded in 1949 as Cali Associates by John J. Cali, Angelo R. Cali, and Edward Leshowitz.
In the 1950s, Cali Associates existed as a developer of single family homes in northern New Jersey.
In 1969, the company completed construction on its first office building, 14 Commerce Drive, in Cranford Business Park, Cranford, New Jersey.
During the 1970s and 1980s, Cali Associates capitalized on increasing population and commerce in New Jersey by building 2.2 million square feet of class A office space.
In August 1994, Cali Associates became a public company via an initial public offering and changed its name to Cali Realty Corporation, under a management headed by Brant Cali, John R. Cali, and Thomas A. Rizk.
In 1997, Cali Realty acquired the Robert Martin Company for $211 million in cash and 1,401,225 operating-partnership units, then valued at $44 million, and the assumption of $185 million of debt. The transaction added 65 properties and 4.1 million square feet to its portfolio, mostly in Westchester County, New York, and Connecticut. In 2019, Robert Martin re-acquired most of the portfolio from Mack-Cali, buying a 56 property, 3.1 million square foot office/flex portfolio for $487.5 million.
In December 1997, Cali Realty Corporation completed a $1.2 billion merger with Patriot American Office Group and The Mack Company. The company changed its named to Mack-Cali Realty Corporation. At the time, this merger was the largest real estate investment trust transaction.
Mitchell E. Hersh became a member of the board of directors in 1997. He became the chief executive officer in 1999. In 2004, he became president of the company in addition to its CEO.
In 1998, the company acquired $450 million worth of office properties, which boosted its holdings by 12%. It also bought properties in Washington D.C. and Maryland and properties in the Southwest.
In 2006, the company acquired the Gale Company, a private real estate firm headquartered in New Jersey that owned 2.8 million-square-foot of office buildings.
In 2012, the company acquired Roseland Partners, a property developer in New Jersey, for $134.6 million. It was developing the $120 million RiverTrace waterfront tower at Port Imperial, which was completed in October 2013.
In 2013, the company sold 19 Skyline Drive for $17.5 million.
In November 2014, Roseland opened Portside at East Pier in East Boston. The second phase, which includes 550 luxury residences and 70,000 square feet of retail space, opened in 2018.
In 2015, Mitchell E. Rudin became CEO and Michael J. DeMarco became the company's president and chief operating officer. The same year, the company moved its headquarters to Jersey City.