Mack-Cali Sells New Jersey Office Asset for $61M
- Dec 04, 2020
Plymouth Rock Group of Cos. has acquired 581 Main St., a 203,335-square-foot office property in Woodbridge Township, N.J., for $61 million from Mack-Cali Realty Corp. The buyer operates its New Jersey headquarters out of the asset.
Cushman & Wakefield brokered the deal, with Longpoint Realty Partners advising the buyer. The sale is in line with Mack-Cali’s ongoing strategy of reducing its suburban footprint. In September, the brokerage arranged another New Jersey office disposition for the company. The Birch Group acquired the 168,144-square-foot asset in Florham Park.
The property at 581 Main St. is set alongside the New Jersey Turnpike, 30 miles southwest of Midtown Manhattan. Brookfield Properties’ 1.6 million-square-foot Woodbridge Center shopping mall is 1 mile north.
The eight-story building dates back to 1992. Floorplates range between 20,000 and 25,000 square feet, and parking is available at a ratio of 4 spaces per 1,000 square feet. Recently completed capital improvements included the renovation of the lobby along with the addition of a new conference center and café.