PARSIPPANY — Mack-Cali Realty Corporation announced that president Michael J. DeMarco will assume the title of chief executive officer of the Company and Mitchell Rudin will become vice chairman effective immediately. Marshall Tycher will continue as chairman of Roseland Residential Trust, Mack-Cali’s residential subsidiary. Roseland Residential Trust acquired Two Campus Drive in Mack-Cali’s Business Campus for approximately $5.5 million in the fourth quarter of 2016.
Mack-Cali, the state’s largest office landlord, is pushing ahead with plans to re-energize its 2.2 million square feet of space in Parsippany-Troy Hills.
In a February 24 article published on Parsippany Focus, regarding repurposing of office buildings in the Mack-Cali Office Complex, we have been told by a representative of Mack-Cali, “Apparently, 1633 Littleton is being repurposed. Nothing on the other property.” (Editors note: The other property in question is Two Campus Drive, which is vacant and directly behind 1633 Littleton Road.) Roseland Residential Trust, Mack-Cali’s multi-family subsidiary, acquired Two Campus Drive in Mack-Cali’s Business Campus for approximately $5.5 million. The strategic acquisition will pave the way for the execution of the mixed-use master plan for the Campus in Parsippany. (Click here to read complete article)
Mr. DeMarco, chief executive officer stated, “Given the strong success of Mack-Cali over the last two years under our leadership, the Company is well positioned to continue its strategic evolution. At this point in the process, in partnership with our board of directors, it was determined that I would assume the day to day leadership of the business and become chief executive officer and Mitch, my partner, would move to the newly created position of vice chairman, to continue his valuable role in the transformation of the Company. As we move ahead, Marshall, Mitch, and I are extremely enthused by the success of our transformation thus far and by the opportunities to continue to grow our dual, office and multi-family platform focused on the Hudson River Waterfront and transit-based markets. We couldn’t be more confident in the direction of the Company, our revitalized culture, and our improving operations and balance sheet.”
Mr. DeMarco is a veteran real estate investment professional with more than 30 years of industry experience. He joined Mack-Cali in 2015 as the president and chief operating officer. Prior to joining the Company, Mr. DeMarco held various leadership roles with several prominent real estate industry enterprises including Vornado Realty Trust, Fortress Investments, and Lehman Brothers Real Estate Investment Banking Group.
Editors Note: Although Parsippany Focus has been told that 1633 Littleton Road is being repurposed, we are also told that there are no pending applications with either the Parsippany-Troy Hills Planning Board or the Board of Adjustment.
