Overview:
The real estate investment trust (REIT) Mack-Cali Realty Corporation is engaged in the ownership and operation of primarily Class A office and office/flex properties situated mainly in the Northeast. This Maryland corporation is currently focusing on expanding into the multi-family rental sector in the same markets.
Amid changing work force demographics and continued weakness in the suburban office properties in its markets, Mack-Cali has been divesting a notable part of its office and office/flex assets and deploying its capital to expand its holdings in the multi-family residential sector that has traditionally been more of a stable product type. The company is making this foray into the multi-family residential sector in its core Northeast markets both through acquisitions and development, both wholly owned and through joint ventures.
Mack-Cali owns or has interests in 279 properties as of Dec 31, 2013. These properties include 267 commercial properties, mainly class A office and office/flex properties that span approximately 31.0 million square feet. Apart from the commercial properties, the company's portfolio incorporates 12 multi-family rental properties including over 3,600 residential units, as well as developable land. The commercial properties are leased to around 2,000 commercial tenants.
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