Real Estate Journal — Owners, Developers & Managers — July 31 - August 13, 2015 — 5B
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M id A tlantic
O wners , D evelopers &M anagers Mack-Cali announces new executive leadership team Mack-Cali sells its interest in multi-family community
New Construction
M
ORRISTOWN, NJ — Mack-Cali Re- alty Corporation
Apartments
announced that it has sold its interest in The Highlands at Morristown Station in Mor- ristown, realizing net proceeds of approximately $6.5 million. Mack-Cali had acquired its 25% subordinated interest in the 217-unit community in October 2012 as part of the Roseland acquisition for ap- proximately $2 million. The interest disposition represents an approximately 3.0x multiple on the 2012 acquisition price. Mack-Cali’s Roseland subsid- iary will continue to manage the property. I n other news . . . Mack-Cali Realty Corpora- tion announced a new execu- tive leadership team of Mitch- ell E. Rudin and Michael J. DeMarco . Effective immedi-
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The Highlands at Morristown
comprise one of the finest office and multi-family management teams in the industry. n
ficer, and Gary Wagner , chief legal officer and secretary. We are confident that together they
ately, Rudin will serve as chief execu- tive officer and DeMarco will serve as president and chief operat- ing officer. Rudin and DeMarco are accomplished industry vet- erans, each w i t h mo r e than 30 years o f e x p e r i - ence in real estate. Most recently, Ru-
Mitchell Rudin
Michael DeMarco
din served as the president and chief executive officer of U.S. Commercial Operations at Brookfield Office Properties. DeMarco’s expertise is in the areas of investment banking, capital markets, and restruc- turing of operations, which includes his time as a senior managing director at Lehman Brothers. “Following an extensive pro- cess undertaken byMack-Cali’s board of directors, in consulta- tion with a leading executive search firm, we are excited to have attracted senior leaders with such a broad and comple- mentary range of skills and ex- perience to lead the Company forward,” said WilliamMack , chairman of the board. “Mitch andMike will work closely with Marshall Tycher , president of Roseland, our multi-family subsidiary. Additional senior members of the team include Tony Krug , chief financial of-
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