PARSIPPANY — Mack-Cali Realty Corporation announced that it has sold its commercial office property located at 14 Sylvan Way, in Mack-Cali Business Campus, for approximately $81.4 million to Griffin Capital Essential Asset REIT II, Inc. In addition to the sales price, Griffin is assuming responsibility for approximately $2 million in future tenant improvement allowance.
14 Sylvan Way was developed in 2013 pursuant to a long-term, net lease to serve as the extension of Wyndham Worldwide Corporation’s headquarters. The three-story, 203,506-square-foot class A office building is fully leased to Wyndham.
Mack-Cali was represented in the transaction by Jose Cruz and Kevin O’Hearn, both of HFF.
Mitchell E. Rudin, chief executive officer of Mack-Cali, commented, “This was an excellent opportunity to monetize the value of this class A corporate headquarters. The proceeds will be reinvested into more strategic growth opportunities.”
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 279 properties, consisting of 260 office and office/flex properties totaling approximately 30.5 million square feet and 19 multi-family rental properties containing approximately 5,700 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
