Real Estate Journal — New Jersey — February 12 - 25, 2016 — 17B


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

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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

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3 Sylvan Way

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