Benzinga | Mar 30, 2021 08:05AM EDT

Mack-Cali Announces $254M Sale Of Metropark Office Portfolio

Mack-Cali Realty Corporation (NYSE:CLI) today announces the sale of its Metropark portfolio, located in Edison and Iselin NJ, for $254 million to Opal Holdings. The disposition, comprising four office buildings containing 945,906 square feet, represents one of the largest suburban office transactions this year and continues to demonstrate strong execution of Mack-Cali's strategy of divesting its suburban office assets, signaling a strong start to 2021. The company plans to use the sales proceeds to pay down its unsecured corporate debt during the second quarter of 2021.