Mack-Cali Sells Four Short Hills Office Buildings For $255M

MILLBURN, NJ — The Mack-Cali real estate corporation announced late last month that it had sold four office buildings in the Short Hills section of Millburn for $255 million.

The Short Hills office portfolio, consisting of four buildings on JFK Parkway, was sold to The Birch Group, according to a press release from the corporation.

"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 Realty Corporation, headquartered in Jersey City.

The office buildings are:

• 51 JFK Parkway, 87 percent leased
• 101 JFK Parkway, 98 percent leased
• 103 JFK Parkway, 100 percent leased
• 150 JFK Parkway, 51.5 percent leased

"This is the first time in history these four premier buildings — which have a long-standing reputation for attracting nationally recognized blue chip tenants — will trade as a cohesive portfolio," said David Bernhaut of Cushman & Wakefield's Capital Markets team, which arranged the transaction.

He added, "This is a fantastic acquisition for The Birch Group, which has been one of the most active buyers across the Tri-State Region."

The sale of the Short Hills Office portfolio follows Mack-Cali's $254 million sale of its Metropark portfolio in Middlesex County to Opal Holdings last month.

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