However, in a Jan. 18 statement posted to its website, Kushner Cos. responded to what it referred to as "Veris Residential's blatantly false and misleading public statements." 

In rejecting an increased offer of $18.50 per share from the would-be buyer, the Jersey City-based target also laid out terms for a clearer course.

The partners announced the purchase of the full-service, 351-key hotel from affiliates of Hyatt Hotels Corp. and Veris Residential Inc.

In a recent filing with the U.S. Securities and Exchange Commission, the REIT qualified a $16-per-share offer from the parties as “grossly” undervaluing the company in the present, and denying shareholders expected, long-term value.

In a letter penned by its chairman, Kushner Cos. doubled down on its position regarding its play for the Jersey City-based REIT, writing that the company's "leadership team has no clear long term plan to maximize the value of the portfolio, nor are they the right team to execute."

"The Board believes this proposal grossly undervalues the Company in its current form and denies Veris Residential shareholders the substantial value expected to be unlocked from the pending completion of the Company's strategic transformation," the board wrote in a Nov. 3 letter to Kushner Cos.' Charles Kushner.

The Jersey City-based multifamily-focused REIT acknowledged Friday it received unsolicited proposals from the New York City company to externally manage or to acquire the former Mack-Cali for $16 per share.

Together, the transactions represent approximately $766 million, as the former Mack-Cali makes gains on its transition to a pure play multifamily REIT.

The technology is part of Veris Residential's sustainability goals for the luxury apartments, which were built to meet LEED Silver certification by the U.S. Green Building Council.

When Mack-Cali Realty Corp. announced its rebrand the name change came along with a shift in focus as the company transitioned to a pure-play multifamily REIT. At the end of the second quarter of this year that goal is closer, with its last remaining suburban office property under contract.

The appointment of company veteran Karen Cusmano to the new position was accompanied by the release of the Jersey City-based REIT's 2021 Environmental, Social, and Governance report, which highlighted an 18% decrease in energy consumption by the company from 2019 levels.

Veris Residential launched leasing at its first property to be delivered since it rebranded from Mack-Cali in December. The Jersey City building embodies the company's focus on environmentally and socially conscious efforts.