Mack-Cali Realty Corporation

Mack-Cali Realty Corporation
Public
Traded as NYSE: CLI
Industry Real Estate Investment Trust, Real Estate, Commercial Real Estate, Multi-family Real Estate, Real Estate Leasing, Acquisition, Property Management, Development, and Construction
Founded 1997 (1994 was Cali Realty Corporation's initial public offering. In 1997, the merger happened and the present day company was founded: http://www.mack-cali.com/about-company-history)
Headquarters Edison, NJ
Area served
 Northeast
Key people
 Mitchell E. Hersh, President and CEO
Website www.mack-cali.com

Mack-Cali Realty Corporation is a publicly traded real estate investment trust[1] (REIT) with holdings throughout the Northeast and New Jersey.[2] The majority of Mack-Cali’s holdings are in commercial real estate including class A office space, although in recent years they have increased investment in multi-family residential properties.[3] The company provides commercial real estate leasing, acquisition, management, development, and construction services for their real estate properties.[4] Its headquarters are located at 343 Thornall Street in Edison, New Jersey.

History

50s and 60s: Founding and Early Years

Mack-Cali was founded in 1949 as “Cali Associates” by John J. Cali, Angelo R. Cali and Edward Leshowitz.[5] In the 1950s, Cali Associates existed as a developer of single family homes in the region of northern New Jersey.[6] During the late 1960s, Cali Associates began to diversify their offerings and develop suburban office buildings to meet growing demand. In 1969, the company completed construction on its first office building, 14 Commerce Drive, which is located in Cranford Business Park, Cranford, New Jersey.

70s and 80s: A Focus on Suburban Office Development

During the 1970s and 1980s, Cali Associates capitalized on increasing population and commerce in New Jersey by building 2.2 million square feet of class A office space. These decades brought growth for the company and cemented its development, construction, and property management credentials.

90s: Acquisitions, Public Offering and Mack-Cali Merger

In the early 1990s, Cali Associates moved away from building development and began to focus instead on building asset acquisition and management.[7] In August 1994, Cali Associates became a publically held real estate investment trust and changed its name to “Cali Realty Corporation.” During this period, the company also began to expand geographically, acquiring properties in suburban Philadelphia. In 1997, Cali Realty Corporation acquired the Robert Martin Company for $440 million.[8] This transaction added 65 properties and 4.1 million square feet to its portfolio with many of these new holdings located Westchester County, NY and Connecticut.

In December of the same year, Cali Realty Corporation completed a $1.2 billion merger with Patriot American Office Group and The Mack Company (founded by H. Bert Mack and operated by his four sons: Earle I. Mack, William L. Mack, Fredric H. Mack, and David S. Mack). The new entity was renamed “Mack-Cali Realty Corporation.” At the time, this merger represented the largest REIT transaction of its kind.[9]

2000s and Today: Acquisition of Gale Company, Roseland, and New Ventures

In 2004, Mitchell E. Hersh became President of the Company and remains in this position to this day.[10] Hersh has been a member of the Board of Directors since 1997 and Chief Executive Officer of the company since 1999.[11] In 2006, Mack-Cali acquired the Gale Company, a private real estate firm located in New Jersey. The purchase resulted in a 2.8 million square foot increase in Mack-Cali’s office property holdings. In line with shifting market trends, Mack-Cali purchased Roseland Property Company in 2012. At the time, Roseland’s interest in multi-family residential property in New Jersey included six fully operational multi-family apartments as well as a number of residential properties in the process of being developed. The construction of these unfinished properties is ongoing.[12]

Major Development Projects

On January 15, 2014 Mack-Cali and joint venture partner Ironstate Development Company broke ground on URL® Harborside 1, a multi-family residential tower that will be located on the Jersey City Waterfront. When completed the tower will be 69 stories in height. URL® Harborside 1 is one of three towers that will make up the URL® Harborside development. The development is slated for completion in mid-2016; when completed, it will include 2,358 residences.[13] 101 Hudson Street is located in Jersey City, NJ. The property is 1.25 million square feet and 42 stories tall.[14] 17 Skyline Drive is a two-story, 85,000-square-foot office building built for IBM and located at the Mid-Westchester Executive Park in Hawthorne, New York.[15] RiverTrace at Port Imperial is a luxury rental building located in West New York, New Jersey. It consists of 316 studio, one-, two-, or three- bedroom apartments.[16] Ribbon cutting ceremonies took place in October 2013; the building represents the first multi-family residential structure completed by Mack-Cali since their acquisition of Roseland.[17] Harborside, located in Jersey City, New Jersey, is an office complex on the Hudson Waterfront. The complex includes a number of proposed and completed real estate buildings including Harborside Plaza 2, Harborside Plaza 3 Harborside Plaza 4A, and Harborside Plaza 5 which have all been listed as amongst the top 50 office buildings in the state.[18]

Sustainability

A number of buildings and properties have achieved Leadership in Energy and Environmental Design (LEED®) certification from the U.S. Green Building Council. Within Mack-Cali’s ownership, LEED Silver certification recipients include: 4 Gatehall Drive, Mack-Cali Business Campus, Parsippany, NJ;[19] 280 Corporate Center, Roseland, NJ; 105 Eisenhower Parkway, Eisenhower/280 Corporate Center, Roseland NJ;[20] 8 Campus Drive, Mack-Cali Business Campus, Parsippany, NJ;[21] and 125 Broad Street in New York, NY.[22] Additionally, many Mack-Cali properties have received recognition for energy efficiency in the form of ENERGY STAR status from the U.S. Environmental Protection Agency/U.S. Department of Energy. ENERGY STAR properties in 2013 included:

Awards

Mack-Cali has been the recipient of acknowledgement from both inside and outside of the real estate community. Recognitions include:

References

  1. ↑ Arnold, Laurence (4 February 2014). "John Cali, Co-Founder of Mack-Cali Predecessor, Dies at 95". Bloomberg News. Retrieved 8 April 2014.
  2. ↑ "About Mack-Cali". Mack-Cali Realty Corporation. Retrieved 19 February 2014.
  3. ↑ "Mack-Cali Realty Corporation Sales Preparation". company information database. Hoovers: a D&B Company. Retrieved 19 February 2014.
  4. ↑ Ori, Joseph. "REIT Focus: Mack-Cali Realty Corporation". Seeking Alpha. Retrieved 19 February 2014.
  5. ↑ Hevesi, Dennis (December 15, 2006). "Angelo R. Cali, 91, Founder of Real Estate Trust, Dies". The New York Times. Retrieved 19 February 2014.
  6. ↑ "Mack-Cali History". Mack-Cali Realty Corporation. Retrieved 19 February 2014.
  7. ↑ "Mack-Cali Realty Corporation - Company Profile, Information, Business Description, History, Background Information on Mack-Cali Realty Corporation". Reference for Business: Company History Index. Retrieved 19 February 2014.
  8. ↑ "Mack-Cali Realty Corporation - Company Profile, Information, Business Description, History, Background Information on Mack-Cali Realty Corporation". Reference for Business: Company History Index. Retrieved 19 February 2014.
  9. ↑ Garbarine, Rachelle (January 4, 1998). "Commercial Property/Mack-Cali Realty Corporation; From Two Family Firms, a 'Super-Regional REIT'". The New York Times. Retrieved 19 February 2014.
  10. ↑ "Mack-Cali Realty Corp (CLI:New York)". Bloomberg Businessweek. Retrieved 8 April 2014.
  11. ↑ "Mitchell E. Hersh". Forbes Magazine. Retrieved 8 April 2014.
  12. ↑ "Roseland: A Mack-Cali Company". Mack-Cali Corporation. Retrieved 19 February 2014.
  13. ↑ "Mack-Cali Realty Corporation/Ironstate Break Ground On New Urban Ready Living(R) Residential Tower On Jersey City Waterfront". The Wall Street Journal. January 15, 2014. Retrieved 19 February 2014.
  14. ↑ "Mack-Cali: 101 Hudson St Overview". Mack-Cali Corporation. Retrieved 19 February 2014.
  15. ↑ "Mack-Cali Realty's CEO Discusses Q3 2011 Results - Earnings Call Transcript". Seeking Alpha. Retrieved 19 February 2014.
  16. ↑ "RiverTrace at Port Imperial West New York, NJ". Mack-Cali Corporation. Retrieved 19 February 2014.
  17. ↑ "Mack-Cali’s Roseland Unveils RiverTrace at Port Imperial, a New Luxury Waterfront Rental Community in West New York". Mack-Cali Realty Corporation. Retrieved 19 February 2014.
  18. ↑ "NJBIZ Lists". NJBIZ. Retrieved 19 February 2014.
  19. ↑ "Mack-Cali's Parsippany Property Achieves Leed Silver Certification". World News Network. Retrieved 19 February 2014.
  20. ↑ "Mack-Cali’s Roseland Property Achieves LEED Silver Certification". Mack-Cali Realty Corporation. Retrieved 19 February 2014.
  21. ↑ "Mack-Cali Office Bldg Achieves LEED Silver". CoStar Group. Retrieved 19 February 2014.
  22. ↑ "Mack-Cali's Downtown Manhattan Property Achieves LEED Silver Certification". Bloomberg News. Retrieved 19 February 2014.
  23. ↑ "New York's Top Public Real Estate Companies". Crain's New York Business. Retrieved 19 February 2014.
  24. ↑ "The Best of 2013". New Jersey Law Journal. Retrieved 8 April 2014.
  25. ↑ "The 2013 Outstanding Building of the Year Award Winners". The Building Owners & Managers Association. Retrieved 19 February 2014.
  26. ↑ "The 2013 Outstanding Building of the Year Award Winners". The Building Owners & Managers Association. Retrieved 19 February 2014.
  27. ↑ "Three Mack-Cali Properties Receive Energy Reduction Awards". NJ Business Magazine. Retrieved 19 February 2014.
  28. ↑ "Top U.S. Real Estate Companies". Commercial Property Executive. Retrieved 19 February 2014.
  29. ↑ Weinberg, Neil (August 6, 2010). "The Most Trustworthy Companies". Forbes Magazine. Retrieved 19 February 2014.