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Share this article Share this article JERSEY CITY, N.J., May 10, 2021 /PRNewswire/ Mack-Cali Realty Corporation (NYSE: CLI) today unveiled the latest phase of the transformation of its Harborside campus in Jersey City. The Company previewed the fully renovated and repositioned Harborside 1, revealed new public open spaces, and announced its robust summer lineup of programming, including the first New Jersey location for the largest weekly open-air food market in the country, Smorgasburg. The announcements mark a major milestone for the reimagination of the 4.3 million-square-foot office campus now uniquely prepared to satisfy the needs of today s top talent in a post-COVID environment. ....
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Share this article Share this article JERSEY CITY, N.J., April 20, 2021 /PRNewswire/ Mack-Cali Realty Corporation (NYSE: CLI) today announces the $255 million sale of its Short Hills, New Jersey office portfolio, a four office building portfolio encompassing 843,300 square feet, to The Birch Group. The transaction releases approximately $100 million of net proceeds, after retirement of financing and transaction costs, which is expected to be used to pay down the Company s unsecured corporate debt during the second quarter of 2021. This transaction represents yet another significant step towards simplifying our company through the disposition of suburban office properties while generating liquidity to pay down corporate debt and strengthen our balance sheet, said Mahbod Nia, Chief Executive Officer of Mack-Cali. I would like to thank the team for their hard work and commitment to closing this complex transaction expeditiously. ....
To embed, copy and paste the code into your website or blog: In a precedential decision, New Jersey’s intermediate appellate court ruled that a Jersey City ordinance imposing a payroll tax was unconstitutional. Mack-Cali Realty Corp. v. State, No. A-3097-18, 2021 N.J. Super. LEXIS 21 (N.J. Super. Ct. App. Div. February 16, 2021). Jersey City, New Jersey, is home to many companies’ back office operations in the New York metropolitan area. Therefore, we suspect that many companies will have this issue. Facts: New Jersey has for many years had controversies regarding underfunding of schools in poorer districts. In 2018, a state statute was modified to allow Jersey City to enact a payroll tax, which had previously only been allowed for Newark, New Jersey, to assist with school funding. Jersey City’s ordinance became effective on January 1, 2019. ....