Mack-Cali Unveils $50M NJ Capital Improvement Initiative
- Oct 26, 2017
Several suburban office properties in Mack-Cali Realty Corp.’s portfolio will be getting makeovers as the Jersey City, N.J.-based REIT invests $50 million in a capital improvement initiative.
Mack-Cali, an owner, manager and developer of premier office and multifamily properties, plans to renovate building exteriors, install state-of-the-art amenities and modernize common areas throughout its properties in Parsippany, Short Hills, Metro Park and Red Bank, N.J.
“While state-of-the-art facilities are a ‘must’ in today’s office market, our strategy of catering to the evolving needs of the modern tenant is about much more than just improving the physical infrastructure of a building. It also means setting the stage with next-level amenities,” CEO Michael DeMarco said in a prepared statement. “With this capital improvement program, we’re upgrading every touchpoint of the tenant experience – from what they see when they first walk into the building’s lobby, to where and what they eat for lunch, and how they work out in the afternoon.”
The REIT’s plans include: redesigning lobbies and entryways; upgrading finishes; adding new and updated dining options, from ‘grab and go’ kiosks to full-service food halls; updating conference center with built-in connections to furniture and cutting-edge audio-visual systems; creating new fitness centers and furnished lounge areas.
Properties getting the upgrades include Sylvan Way, 8 and 9 Campus Drive and 5 Wood Hollow in Parsippany. Other assets in the capital improvement initiative are River | Centre – Red Bank; 333 and 334 Thornall in Edison; 581 Main St. in Woodbridge; 150 JFK Parkway in Short Hills; and 3 Giralda Farms in Madison.
HLW International, Studio 1200, Rotwein+Blake, and Joshua Zinder are among the architects retained for the program.
Last month, Mack-Cali announced it was spending $75 million to transform Harborside, a complex of Class A mixed-used buildings on the Jersey City, N.J., waterfront into a 24/7 cultural district. Plans include changes of Harborside’s office buildings with floor-to-ceiling glass and steel to increase natural light and views of the Hudson River and New York City. The renovations at Harborside will also include lobby and common area upgrades and the addition of a food hall.
“Throughout our entire portfolio, we’re executing an aggressive strategy to create truly great places to work and live for decades to come,” DeMarco said.
Earlier this month, Mack-Cali sold Totowa Conference Center, a 13-building flex/industrial park in Totowa, N.J. Heritage Capital Group paid $65.5 million for the campus as part of a 1031 exchange. The campus has 508,028 square feet of space occupied by 48 tenants and includes a 5.8-acre vacant parcel for future development. The sale was part of Mack-Cali’s non-core properties disposition plan announced in June.
Photo courtesy of Mack-Cali Realty Corp.