2B — January 22 - February 18, 2021 — New Jersey — M id A tlantic Real Estate Journal


N ew J ersey

Longpoint served as advisor to the purchaser Mack-Cali announces $61M sale of 581MainStreet inWoodbridge

O O D B R I D G E TWP . , N J — Mack-Cali Realty Corporation announced the disposition of 581 Main St., a 203,335 s/f office building in Woodbridge Twp. The trans- action continues Mack-Cali’s ongoing strategic sale of its suburban assets. The com- pany recently announced the sale of 7 Campus Dr. in Mor- ris County for $12.75 million. “As we’ve said before, we will continue to divest our suburban office assets and are encouraged by the ac- tivity we’ve seen to-date,” W

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581 Main Street

said MaryAnne Gilmartin , board chair and interim chief

executive officer of Mack- Cali. “In addition, we remain laser focused on the reposi- tioning of Harborside and working with our existing tenants to support them as employees look to return to the office.” 581 Main Street benefits from several recently com- pleted capital improvement projects, including a complete lobby renovation and the addition of a new cafe and conference center facilities. “We ar e par t i cu l ar l y pleased with this strong ex- ecution given the successful lease up of the building that followed our repositioning of the asset,” said Ricardo Cardoso , EVP and chief investment officer of Mack- Cali. The transaction was fa- cilitated by Cushman & Wakefield of New Jersey . The building was purchased by 581 Main Street, LLC, a subsidiary within the Plym- outh Rock Group of Compa- nies, and it will continue to serve as Plymouth Rock’s New Jersey headquarters. Longpoint Realty Part- ners served as an advisor to the purchaser. MAREJ

New Jersey

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