Mack-Cali Realty Corporation
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| Public | |
| Traded as | : CLI S&P 400 Component |
| Industry | Real Estate Investment Trust, Real Estate, Commercial Real Estate, Multi-family Real Estate, Real Estate Leasing, Acquisition, Property Management, and Development |
| 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/company/history) |
| Headquarters | Jersey City, New Jersey |
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Area served
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Northeast |
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Key people
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Mitchell E. Rudin, CEO and Michael J. DeMarco, President and COO |
| Website | www |
Mack-Cali Realty Corporation is a publicly traded real estate investment trust (REIT) with holdings throughout the Northeast and New Jersey. 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. The company provides commercial real estate leasing, management, and development services for their real estate properties. Its headquarters are located in Jersey City, New Jersey.
Mack-Cali was founded in 1949 as “Cali Associates” by John J. Cali, Angelo R. Cali, and Edward Leshowitz. In the 1950s, Cali Associates existed as a developer of single family homes in the region of northern New Jersey. 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.
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.
In the early 1990s, Cali Associates moved away from building development and began to focus instead on building asset acquisition and management. In August 1994, Cali Associates became a publicly held real estate investment trust and changed its name to “Cali Realty Corporation,” under a new management team which consisted of Brant Cali, John R. Cali, and Thomas A. Rizk. 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 $450 million. 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.
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