Real Estate Journal — New Jersey — February 12 - 25, 2016 — 17B
www.marejournal.com
M id A tlantic
N ew J ersey
Repositioning as a three-building mini campus Mack-Cali acquires 147,241 s/f 3 Sylvan Way office property
SEBCO The Finest In Metered Laundries Laundry Systems
ARS I PPANY , NJ — Mack-Cali Real- ty Corporation an- nounced the acquisition of 3 SylvanWay, an empty 147,241 s/f, three-story, class A office building located in Parsip- pany, New Jersey. This acqui- sition enhances the company’s holdings at the 600-acre Mack- Cali Business Campus, which includes 15 class A office prop- erties totaling approximately 2.1 million s/f of space. 3 Sylvan Way features 50,000 s/f floor plates with a saw-tooth design and large, open spaces providing great natural light. Along with One and 5 Sylvan Way, the build- ings share a connected, below- grade parking structure which acts as a protected walkway and provides easy access for tenants to utilize amenities across the complex. The buildings will be repo- sitioned as an interconnected three-building mini campus, as part of the overall Campus. The buildings will undergo sig- nificant renovations to bring tenants important upgrades. The capital investment plan includes lobby renovations, the creation of a full-service fitness center with yoga rooms and a golf simulator, an up- graded business-class confer- ence center, and numerous dining options, including a full-service café and coffee bar. “This acquisition is an ex- ample of how Mack-Cali is making it a priority to focus on our core holdings, like the Business Campus, that offer state-of-the-art office spaces with first-class amenities,” said Mack-Cali president Mi- chael DeMarco . “We are looking forward to making considerable investments in the entire Mack-Cali Business Campus to continue strength- ening its position as a leading office location.” “Adding 3 SylvanWay to our portfolio will allow us to join our properties in a way that will bring incredible value to both our portfolio and ten- ants,” said Ricardo Cardoso , Mack-Cali executive vice pres- ident and chief investment officer. “Our renovation plans will allow Mack Cali to com- mand more attractive leasing rates.” Mack-Cali Business Cam- pus is ideally located at the nexus of I-287 and routes 10 and 202, and offers shuttle service to the nearby Morris Plains train station. n P
1-800-SEBCO-88 (1-800-732-2688)
http: www.SEBCOLaundry.com e-mail stevebreitman@sebcolaundry.com
3 Sylvan Way
T HE DEAL JUST ISN ’ T THE SAME WITHOUT US . Today’s complex real estate market is more demanding than ever. The stakes are higher and the risks are greater, but so are the potential rewards. CSG’s Real Estate, Development and Land Use Group combines experience, creativity and business acumen to skillfully navigate clients through the multitude of real estate and regulatory issues involved in the acquisition, financing, development, redevelopment, leasing and management of property. Our results-driven, transaction-oriented practice is equipped to take on the full spectrum of real estate legal matters.
West Orange, NJ | Trenton, NJ | New York, NY | csglaw.com
Made with FlippingBook - Online catalogs