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Mack-Cali acquiring Equity Commonwealth property in Hoboken, NJ, for $235M

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Mack-Cali acquiring Equity Commonwealth property in Hoboken, NJ, for $235M

Mack-CaliRealty Corp. is acquiring Equity Commonwealth's leasehold interest in 111 RiverSt. in Hoboken, N.J., for a gross sale price of $235 million.

Mack-Cali noted in a release that the property is its firstin Hoboken. With the acquisition, expected to close in June, Mack-Cali will ownabout 25% of the Hudson River Waterfront class A office market. According toSNL data,Equity Commonwealth acquired the 566,215-square-foot office property in 2009for $145.5 million.

Mack-Cali also announced that it agreed to acquire 101 WoodAve. South in Metropark in Edison, N.J., for $82.3 million. The 262,835-square-footoffice building is the company's second property in Metropark. The deal isexpected to close in May.

Mack-Cali also acquired three smaller assets forapproximately $34 million.

On the sales front, Mack-Cali sold 1201 Connecticut Ave. NWin Washington, D.C., for $93 million and 125 Broad St. in downtown Manhattan,N.Y., for $202 million. It has also reached an agreement with the lender on a $63.3million mortgage secured by four NewJersey office properties. The loan, which had been accruing interestat a rate of 10.26%, was recently repaid at a substantial discount using saleproceeds, the company said.

Finally, Mack-Cali said the Borough of Upper Saddle Riveragreed to amend its zoning to allow the development of for-sale residentialhomes on Mack-Cali's One Lake St. property. Mack-Cali has agreed to sell thebulk of the property to a major home developer, which will construct bothmarket rate and affordable housing units. The remainder of the 47-acre propertywill be sold to the borough for the future construction of municipal officesand sports fields. The sales price aggregates to approximately $43million, and the deal is expected to close in early 2017.