Mack-Cali Realty Wants Hoboken; May Sell Up To $800 Million In Assets

The Mack-Cali Realty Corporation has announced that it will be conducting a “company-wide overhaul” that includes selling off $600 to $800 million in assets.

The company plans to transform itself into “an owner of Gold Coast waterfront properties in Hoboken, Jersey City, Weehawken and West New York,” according to a statement made on Thursday.

“As part of the process, the company has identified approximately $600 million to $800 million in assets that it will dispose to fund its capital plan,” Mack-Cali representatives stated.

Mack-Cali currently owns or has interests in 274 properties in the Northeast United States, including 4.3 million square feet of waterfront office space and 3,400 luxury multi-family units.

The proceeds from these sales will fund Mack-Cali’s capital needs, including the company’s further expansion in markets such as Jersey City, where it is completing URL Harborside, a 69-story, 763-unit project, with its partner Ironstate Development Company.

According to a release, the project will be the tallest building in New Jersey when completed.

Mack-Cali also plans to relocate its headquarters to Jersey City in the first half of 2016.

In addition to its plans to dispose of the $600 to $800 million in assets, the company is also planning to achieve another $25 million of “cost savings” by assessing staffing levels, reducing G&A, rebidding professional services and refinancing for 2016 and 2017 interest expense savings.