145 Front owner selling off suburban office campuses
Photo | Courtesy Mack-Cali
Front Street in Worcester
The New Jersey parent company of the developer behind one of downtown Worcester's highest-profile apartment complexes, 145 Front at City Square, is selling its 6.6-million-square-foot suburban office portfolio.
Mack-Cali Realty Corp. said in December its shareholder committee and financial advisors recommended the move to maximize stockholder value. The company is using the proceeds from the first round of sales to pay down its unsecured debt.
Last month, in its first step to complete the transactions, the publicly-traded company's board approved the sale of two suburban office campuses totaling 2.4 million square feet of office space in Parsippany and Madison, New Jersey, or about a third of the company's suburban holdings.
The buyers, Onyx Equities LLC, Taconic Capital Advisors L.P., and Axonic Capital LLC, paid $285 million in cash and $3.5 million of assumed lease obligations.
Mack-Cali said it expects to complete the sale of its entire suburban office portfolio this year. After the completion of the sale, the firm’s holdings will consist of 5 million square feet its waterfront Class A office portfolio and the Roseland Residential multi-family operations, the company said.
Roseland, also based in New Jersey, built 145 Front at City Square, a mix of studio, one- and two-bedroom luxury apartment homes in Worcester. The development features 365 residences and 10,000 square feet of retail.
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