Mack-Cali Realty Corporation is a publicly traded real estate investment trust (REIT) with holdings throughout the Northeast and New Jersey. The majority of Mack-Cali's holdings are in commercial real estate including class A office space, although in recent years they have increased investment in multi-family residential properties. The company provides commercial real estate leasing, management, and development services for their real estate properties. Its headquarters are located in Jersey City, New Jersey.
Video Mack-Cali Realty Corporation
History
1950s and 60s: Founding and early years
Mack-Cali was founded in 1949 as "Cali Associates" by John J. Cali, Angelo R. Cali, and Edward Leshowitz. In the 1950s, Cali Associates existed as a developer of single family homes in the region of northern New Jersey. During the late 1960s, Cali Associates began to diversify their offerings and develop suburban office buildings to meet growing demand. In 1969, the company completed construction on its first office building, 14 Commerce Drive, which is located in Cranford Business Park, Cranford, New Jersey.
1970s and 80s: A focus on suburban office development
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. These decades brought growth for the company and cemented its development, construction, and property management credentials.
1990s: Acquisitions, public offering and Mack-Cali merger
In the early 1990s, Cali Associates moved away from building development and began to focus instead on building asset acquisition and management. In August 1994, Cali Associates became a publicly held real estate investment trust and changed its name to "Cali Realty Corporation," under a new management team which consisted of Brant Cali, John R. Cali, and Thomas A. Rizk. During this period, the company also began to expand geographically, acquiring properties in suburban Philadelphia. In 1997, Cali Realty Corporation acquired the Robert Martin Company for $450 million. This transaction added 65 properties and 4.1 million square feet to its portfolio with many of these new holdings located Westchester County, NY and Connecticut.
In December of the same year, 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 new entity was renamed "Mack-Cali Realty Corporation." At the time, this merger represented the largest REIT transaction of its kind.
2000s and today: Acquisition of Gale Company, Roseland, and New Ventures
In 2004, Mitchell E. Hersh became president of the company and was succeeded in 2015 by the new CEO, Mitchell E. Rudin, and Michael J. DeMarco, President and COO. Hersh was a member of the Board of Directors since 1997 and Chief Executive Officer of the company from 1999 to 2014. In 2006, Mack-Cali acquired the Gale Company, a private real estate firm located in New Jersey. The purchase resulted in a 2.8-million-square-foot increase in Mack-Cali's office property holdings. In line with shifting market trends, Mack-Cali purchased Roseland Property Company in 2012. At the time, Roseland's interest in multi-family residential property in New Jersey included six fully operational multi-family apartments as well as a number of luxury residential properties for lease in the process of being developed.
Since then, Roseland Residential Trust has completed three luxury residential developments alongside the Hudson River waterfront, including the $120 million RiverTrace waterfront tower at Port Imperial, which was completed in October 2013. In that regard, Roseland played a major role in the residential property boom in New Jersey's Hudson County. More recent mixed-use luxury developments Roseland plays an active role in include Portside at East Pier, in East Boston. Its flagship building opened in November 2014. Upon completion, Portside at East Pier should add more than 560 additional residences to an urban area challenged by a fast-growing population.
Maps Mack-Cali Realty Corporation
Major development projects
Harborside, located in Jersey City, New Jersey, is mixed-use complex of offices and multifamily apartments on the Hudson Waterfront. The complex includes a number of proposed and completed commercial real estate buildings including Harborside 2, Harborside 3 Harborside 4A, and Harborside 5 which have all been listed as amongst the top 50 office buildings in the state. In October 2016, Mack-Cali unveiled plans to build Harborside 4, a 1.2 million-square-foot office tower, in joint-venture with SJP Properties. On January 15, 2014 Mack-Cali and joint venture partner Ironstate Development Company broke ground on Urby Harborside 1, a multi-family residential tower that is located on the Jersey City Waterfront. The first tower, Urby Harborside 1, was topped off in September 2015 and is 69 stories in height, with 763 apartments. Urby Harborside 1 is one of three towers that make up the Urby Harborside development, which will include 2,358 residences. 17 Skyline Drive is a two-story, 85,000-square-foot office building built for IBM and located at the Mid-Westchester Executive Park in Hawthorne, New York. RiverTrace at Port Imperial is a luxury rental building located in West New York, New Jersey. It consists of 316 studio, one-, two-, or three-bedroom apartments. Ribbon cutting ceremonies took place in October 2013; the building represents the first multi-family residential structure completed by Mack-Cali since their acquisition of Roseland.
Sustainability
A number of buildings and properties have achieved Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council. Within Mack-Cali's ownership, LEED Silver certification recipients include: 4 Gatehall Drive, Mack-Cali Business Campus, Parsippany, NJ; 105 Eisenhower Parkway, Eisenhower/280 Corporate Center, Roseland NJ; 8 Campus Drive, Mack-Cali Business Campus, Parsippany, NJ; and RiverTrace Port Imperial in West New York, NJ. Additionally, many Mack-Cali properties have received recognition for energy efficiency in the form of ENERGY STAR status from the U.S. Environmental Protection Agency/U.S. Department of Energy. ENERGY STAR properties in 2014 included:
- South Westchester Executive Park, Yonkers, NY
- One Water Street, White Plains, NY
- 3 Barker Avenue, White Plains, NY
- Mack-Cali Business Campus, Parsippany, NJ
LEED Gold-recognized properties include:
- 5 Wood Hollow Rd, Parsippany, NJ
Awards
Mack-Cali has been the recipient of acknowledgement from both inside and outside of the real estate community. Recognitions include:
- 2015: Harborside Plaza 5 earns Platinum Certification, awarded by WiredScore
- 2015: Harborside Plaza 2 earns Platinum Certification, awarded by WiredScore
- 2015: 101 Hudson St. earns Platinum Certification, awarded by WiredScore
- "Top Public Real Estate Companies (#3 of 25)," Crain's New York Business
- "2013: Best Commercial Real Estate Provider - Gold Level," awarded by the New Jersey Law Journal
- "2013: The Outstanding Building of the Year: 17-17 Route 208 North, Fair Lawn, NJ," awarded by the Building Owners and Managers Association
- "2013: The Outstanding Building of the Year: 999 Riverview Drive, Mack-Cali Commercenter, Totowa, NJ" awarded by Building Owners and Managers Association
- "2012: Building Energy Reduction Award: Bridgewater I, 721 Route 206, Bridgewater, NJ; 8 Campus Drive, Mack-Cali Business Campus, Parsippany, NJ; and 10 Mountainview Road, Upper Saddle River, NJ " awarded by the Building Owners and Managers Association
- "2011: Top U.S. Real Estate Companies (#9 out of 50)," awarded by Commercial Property Executive
- "2010: Rated one of the most trustworthy companies according to Forbes."
References
Source of article : Wikipedia
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