Mack-Cali Realty Corp. announced on Monday it has entered into two definitive agreements with one buyer for the sale of its 56-building, 3.1 million-square-foot office/flex portfolio in Westchester County, New York.
Mack-Cali sold the property to RMC Acquisition Entity LLC, an affiliate of the Robert Martin Co. LLC, for $487.5 million.
The deal is scheduled to close in the second quarter of 2019. Mack-Cali will use a portion of the proceeds to repay approximately $230 million of unsecured debt.
Michael DeMarco, chief executive officer for Mack-Cali stated, “The sale of our office/flex portfolio substantially completes our strategic repositioning. Mack Cali’s evolution to a waterfront centric office and residential landlord is complete.”