Mack-Cali Realty Corp. has sold the second piece of Wyndham Worldwide Corp.’s headquarters in Parsippany for more than $80 million, following the sale of an adjacent building last year as the real estate company continues to trim its office portfolio.In a deal announced Monday, Mack-Cali said it sold the 203,506-square-foot 14 Sylvan Way to Griffin Capital Essential Asset REIT II Inc. Along with the $81.4 million purchase price, Griffin is assuming responsibility for about $2 million in future tenant improvement allowance.
Jose Cruz and Kevin O’Hearn of HFF represented Mack-Cali in the deal, the news release said.
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The Edison-based real estate investment trust developed the building in 2013 to serve as the extension of Wyndham’s headquarters next door, at 22 Sylvan Way. Mack-Cali sold the latter property last year for $96.6 million to Griffin Capital Corp., the parent company of Griffin Capital Essential Asset REIT II.
Wyndham, a global hospitality giant, extended the lease term to coincide with the term on the newer building. The overall complex is fully leased to Wyndham.
Mack-Cali has moved aggressively in recent years to sell many of its suburban office buildings, as part of an effort to raise capital for its multifamily platform.
“This was an excellent opportunity to monetize the value of this class A corporate headquarters,” Mitchell Rudin, CEO of Mack-Cali, said in a prepared statement. “The proceeds will be reinvested into more strategic growth opportunities.”
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