Mack-Cali, the real estate fund known for its massive holdings of office properties in Parsippany and North Jersey, has renamed itself to reflect its new strategic focus on the residential real estate market.
The Jersey City-based company announced Tuesday that it would rise as Veris Residential. The company will continue to trade on the New York Stock Exchange under the new ticker symbol VRE beginning December 10th.
The announcement follows the recent sales of office and retail real estate in Morris County. In July, Mack-Cali announced the sale of the $ 46 million Wegmans retail center, which is 133,276 square feet.
In September 2020, Mack-Cali sold 10 office buildings from its commercial real estate portfolio for $ 158 million. Nine of these buildings are in Parsippany. The 10th is in Madison. A total of 1.5 million square meters of office space changed hands.
Parsippany is the third largest regional market sector in North Jersey with more than 12.3 million square feet of office space, behind the Hudson Waterfront at 21.2 million square feet and Newark at 14.4 million square feet.
But after more than a decade of vacancy problems, many of these office properties are being converted into residential and mixed properties.
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Many of these proposals have sparked controversy in Morris County’s largest community, where residents are concerned about additional traffic and congestion in the school system.
One project provides for the construction of nearly 500 residential units on the Route 10 site from two office buildings slated for demolition.
Another project near Parsippany Road would replace most of the Lanidex office park buildings with 525 apartments, 75 townhouses, 16,000 feet of retail space, parks, fields, and other amenities.
Meanwhile, Mack-Cali sees growth in the housing market, which it is now tracking.
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“In the past few months, Mack-Cali has made significant strides in achieving its strategic goals of simplifying its business, strengthening its balance sheet and improving its operating platform,” the company said on Tuesday. “This advance has included over $ 1 billion in suburban sales.”
As a result, “the company is now less than a handful of office properties away from developing into a purely multi-family business in growth markets across the northeast, building on the strong rental dynamics of its residential portfolio.”
William Westhoven is the local reporter for DailyRecord.com. For unlimited access to the most important news from your local community, subscribe or activate your digital account today.