Mack-Cali Snaps Up $368M Office Portfolio
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Madison, N.J.—HFF recently played a role in making history in the New Jersey commercial real estate market, arranging the disposition of a 1.1 million-square-foot office portfolio. Acting on behalf of RXR Realty, the commercial real estate and capital markets services provider sold the group of six assets to Mack-Cali Realty Corp. for $368 million, marking one of the largest office portfolio trades ever in the Garden State.
The collection of Northern New Jersey office properties, all sited in the Route 25 Corridor, includes 51, 101 and 103 JFK Parkway, which account for an aggregate 564,000 square feet of space in Short Hills. The three buildings were constructed between 1980 and 1985. The remaining three properties, 1, 3 and 7 Giralda Farms, are located in Madison. Built between 1983 and 2000, they encompass a total of 504,200 square feet…
