Mack-Cali Realty Corporation

Mack-Cali Realty Corporation is a publicly traded real estate investment trust headquartered in Jersey City.

Mack-Cali Realty Corporation
Public company
Traded asNYSE: CLI
S&P 400 component
IndustryReal estate investment trust
Founded1997 (1997)
HeadquartersJersey City, New Jersey
Area served
Northeast
Key people
MaryAnne Gilmartin, (Interim CEO)[1][2]
David J. Smetana, CFO
ServicesProperty management
Revenue $350 million (2019)
$111 million (2019)
Total assets $5.292 billion (2019)
Total equity $1.699 billion (2019)
Number of employees
283 (2019)
Websitewww.mack-cali.com
Footnotes / references
[3]

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:

  • 101 Hudson Street, completed in 1992, is a 42-story, 1,250,000 square feet (116,000 m2) office building in Jersey City, New Jersey.
  • RiverTrace at Port Imperial is a luxury rental building in West New York, New Jersey. It consists of 316 studio, one-, two-, or three-bedroom apartments.[5] Ribbon cutting ceremonies took place in October 2013.[6]
  • Jersey City URBY broke ground on January 15, 2014 with joint venture partner Ironstate Development Company to consist of 3 towers of 69 stories each containing 763 apartments, or 2,359 apartments in total. The first tower, Urby Harborside 1, was topped off in September 2015.[7]

History

The company was founded in 1949 as Cali Associates by John J. Cali, Angelo R. Cali, and Edward Leshowitz.[8][9]

In the 1950s, Cali Associates existed as a developer of single family homes in northern New Jersey.[10]

In 1969, the company completed construction on its first office building, 14 Commerce Drive, in Cranford Business Park, Cranford, New Jersey.[10]

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.[10]

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.[11]

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.[12] 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.[13]

In December 1997, Cali Realty Corporation completed a $1.2 billion merger with Patriot American Office Group and The Mack Company (founded by H. Bert Mack and operated by his four sons: Earle I. Mack, William L. Mack, Fredric H. Mack, and David S. Mack). The company changed its named to Mack-Cali Realty Corporation. At the time, this merger was the largest real estate investment trust transaction.[14]

Mitchell E. Hersh became a member of the board of directors in 1997. He became the chief executive officer (CEO) in 1999.[15] In 2004, he became president of the company in addition to its CEO.[16]

In 1998, the company acquired $450 million worth of office properties, which boosted its holdings by 12%.[17] It also bought properties in Washington D.C. and Maryland[18] and properties in the Southwest.[19]

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.[20]

In 2012, the company acquired Roseland Partners, a property developer in New Jersey, for $134.6 million.[21] It was developing the $120 million RiverTrace waterfront tower at Port Imperial, which was completed in October 2013.[22]

In 2013, the company sold 19 Skyline Drive for $17.5 million.[23]

In November 2014, Roseland opened Portside at East Pier in East Boston.[24][25] The second phase, which includes 550 luxury residences and 70,000 square feet of retail space, opened in 2018.[26]

In 2015, Mitchell E. Rudin became CEO and Michael J. DeMarco became the company's president and chief operating officer.[27] The same year, the company moved its headquarters to Jersey City.[28]

References
  1. https://mack-cali.com/leadership#team
  2. https://commercialobserver.com/2020/07/maryanne-gilmartin-appointed-interim-ceo-of-mack-cali/
  3. "Mack-Cali Realty Corporation 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  4. Strauss, Eric (October 25, 2016). "Mack-Cali announces plans for Harborside 4 project in Jersey City, partnering with SJP". NJBiz.
  5. "RiverTrace at Port Imperial West New York, NJ". Mack-Cali Corporation.
  6. "Mack-Cali's Roseland Unveils RiverTrace at Port Imperial, a New Luxury Waterfront Rental Community in West New York" (Press release). Mack-Cali Realty Corporation. October 30, 2013.
  7. "Jersey City Urby". Iron State.
  8. Hevesi, Dennis (December 15, 2006). "Angelo R. Cali, 91, Founder of Real Estate Trust, Dies". The New York Times.
  9. Arnold, Laurence (February 4, 2014). "John Cali, Co-Founder of Mack-Cali Predecessor, Dies at 95". Bloomberg News.
  10. "Cali Associates". Mack-Cali Realty Corporation.
  11. Deutsch, Claudia H. (September 18, 1994). "Commercial Property/Going Public; A Veteran Realty Company Takes the Market Plunge". The New York Times.
  12. Holusha, John (February 2, 1997). "Westchester Firm Becoming Part of Jersey REIT". The New York Times.
  13. "Robert Martin Company Acquires $487.5 Million Real Estate Portfolio from Mack-Cali". Paul Hastings. April 19, 2019.
  14. Garbarine, Rachelle (January 4, 1998). "Commercial Property/Mack-Cali Realty Corporation; From Two Family Firms, a 'Super-Regional REIT'". The New York Times.
  15. "Mitchell E. Hersh". Forbes.
  16. "Mack-Cali Realty Corporation Announces Management Changes" (Press release). Business Wire. May 7, 2004.
  17. "COMPANY NEWS; MACK-CALI REALTY TO EXPAND OFFICE PROPERTY HOLDINGS". The New York Times. Bloomberg News. December 15, 2006.
  18. "Mack-Cali Property Deal". The New York Times. Dow Jones & Company. June 16, 1998.
  19. "COMPANY NEWS; MACK-CALI ADDS SEVERAL NEW PROPERTIES". The New York Times. Bloomberg News. January 14, 1998.
  20. "Mack-Cali Completes Its Acquisition of the Gale Real Estate Services Company and Interests in 20 New Jersey Office Properties -- Gale President Mark Yeager Named EVP at Mack-Cali" (Press release). Business Wire. May 10, 2006.
  21. "Mack-Cali Realty Corporation To Acquire Real Estate Interests And Development And Management Businesses Of Roseland Partners" (Press release). PR Newswire. October 9, 2012.
  22. Martin, Antoinette (November 17, 2011). "A Rising Rental Market in the North". The New York Times.
  23. "Mack-Cali Sells Westchester County Property" (Press release). PR Newswire. April 10, 2013.
  24. "Roseland And Massport Celebrate Opening Of Portside at East Pier Building 7" (Press release). PR Newswire. November 13, 2014.
  25. Lynds, John (November 19, 2014). "After More than Two Decades Portside at East Pier is Open". East Boston Times Free Press.
  26. "Roseland And Massport Celebrate Opening Of Portside at East Pier Building 7" (Press release). PR Newswire. November 13, 2014.
  27. "Mack-Cali Names Mitch Rudin CEO, Mike DeMarco President". Commercial Real Estate Direct.
  28. Brenzel, Kathryn (September 11, 2015). "Big win for Jersey City: Mack Cali to move headquarters as it zeroes in on Gold Coast". NJ.com.
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