Mack-Cali Realty Corporation offers over a century of combined experience in development, ownership, and management of commercial real estate properties. The following chart diagrams Mack-Cali's history and provides information on its predecessor firms.
Cali focused on residential development in the 1960s.
Pictured here, founders John J. Cali, Angelo R. Cali, and Edward Leshowitz.
Cali's 20 Commerce Drive in Cranford is also known as the "clocktower building."
Cali Associates was founded in 1949 by two brothers, John J. Cali and Angelo R. Cali, and their close friend and associate, Edward Leshowitz. The company began as a developer of single-family homes in northern New Jersey, and went on to develop over 5,500 housing units in the state.
As New Jersey’s population mushroomed in the late 60s, and more people chose to both live and work in New Jersey, Cali added suburban office building development to its construction activities to meet the growing demand for office space. Cali Associates built its first office building, 14 Commerce Drive in Cranford, New Jersey, in 1969.
In the 1970s and 1980s, Cali Associates focused on suburban office development, building over 2.2 million square feet of class A office space in New Jersey. The Company became well known for its high-quality construction and property management, and was recognized with numerous development awards, including seven “New Good Neighbor” awards and a “Developer of the Year” award from the New Jersey Chapter of the National Association of Industrial and Office Properties (NAIOP). Some of the trophy buildings the Company developed in New Jersey include: 101 Eisenhower Parkway in Roseland; 50 Tice Boulevard in Woodcliff Lake; International Financial Tower in Jersey City; and 20 Commerce Drive in Cranford.
As speculative construction activity in New Jersey declined in the 1990s, Cali switched its strategy from developing office buildings to acquiring and managing them. In 1994, Cali Associates went public as Cali Realty Corporation, a real estate investment trust.
Cali acquired Harborside Financial Center, a waterfront office complex with buildable land, in 1996.
Cali's acquisition of the Robert Martin Company expanded the Company's Northeast presence.
In August 1994, Cali Associates went public as Cali Realty Corporation, a real estate investment trust (REIT) trading on the New York Stock Exchange (NYSE: CLI). With access to the capital markets, Cali Realty was able to aggressively grow its portfolio and expand its Northeast presence through several significant, accretive acquisitions.
The Company expanded its presence in its core New Jersey market, acquiring several properties and portfolios, including Harborside Financial Center on the Jersey City waterfront. Cali also expanded into the adjacent suburban Philadelphia market through property acquisitions.In 1997, Cali acquired the Westchester-based Robert Martin Company, solidifying its position as the Northeast's super-regional REIT. The $450 million transaction added 65 office, office/flex, and industrial properties—totaling 4.1 million square feet—to Cali's portfolio, and provided the Company with an immediate dominant position in Westchester County and a presence in Connecticut.
In December 1997, Cali made REIT history with its $1.2 billion merger with The Mack Company and Patriot American Office Group. The resulting entity was renamed Mack-Cali Realty Corporation.
Cross Westchester Executive Park in Elmsford, New York—Robert Martin's first executive park—was completed in 1980.
The mixed-use Westchester Financial Center in downtown White Plains was developed by the Robert Martin Company.
In 1997, Westchester-based Robert Martin Company was acquired by Cali Realty Corporation in a $450 million transaction. Robert Martin's 65 office, office/flex, and industrial properties totaling 4.1 million square feet were added to Cali's portfolio, solidifying the combined company's position as the Northeast's super-regional REIT.
The Robert Martin Company is known as a pioneer in the development of executive office parks. Throughout the 1970s, the Company constructed four executive parks totaling over 5 million square feet in Westchester County, New York, as well as condominiums, apartments, and shopping centers. In addition, it played a significant role in urban renewal development in Greenburgh, Tarrytown, and downtown White Plains, and constructed over one million square feet of office buildings in White Plains.
In 1986, Robert Martin completed the development of Westchester Financial Center, a landmark complex with two office buildings totaling 800,000 square feet and a 124-unit residential building. With an art gallery at the center, the Robert Martin Company became well known for its support of the arts in Westchester County and the Beautification Committee of White Plains.
Mack Centre III and Centre IV are among several class A office properties developed by The Mack Company in Bergen County, New Jersey.
In December 1997, Cali Realty Corporation was renamed
Mack-Cali Realty Corporation when The Mack Company and its affiliate, Patriot American Office Group, merged with Cali. In this $1.2 billion merger—the largest private-to-public REIT transaction to date—54 office properties totaling over 9 million square feet were added to the Company’s portfolio. The combination created the Northeast’s leading office REIT, with over 21 million square feet of office properties.
The Mack Company, based in New Jersey, was founded in 1962 as a family-owned private company involved in commercial real estate development, management and acquisitions. The Company has roots going back to the turn of the 20th century, when the Mack family was involved in residential and industrial development in New York.
Notable New Jersey office developments by The Mack Company include: Mack Centre III, Mack Centre IV, Mack Centre VI, and Mack Centre VII, all in Paramus; and Kemble Plaza I and II (412 Mt. Kemble Avenue) in Morris Township.
The Mack Company owned or controlled commercial properties totaling approximately 20 million square feet, including almost 5 million square feet of class A office space in New Jersey, plus the office properties of Patriot American Office Group, a private concern based in Texas. Patriot American provided the Company with beachheads for growth in the Southwest and, in 1998, the Company acquired Denver-based Pacifica Holding Company.
The Gale Company developed several class A office buildings in New Jersey, including 300 Kimball Drive in Parsippany, a build-to-suit for State Farm Insurance.
The Gale Company, a private real estate firm based in New Jersey, was acquired by Mack-Cali in 2006. Gale’s interests in 2.8 million square feet of office properties in Princeton, Roseland, and other New Jersey markets were also included in the transaction. Renamed the Gale Real Estate Services Company, the firm now operates as a subsidiary of Mack-Cali, with an office in Roseland, New Jersey.
Founded by Stanley Gale in 1985, the Gale Company has developed a multibillion dollar portfolio of class A office properties. One of the area’s leading private real estate developers and managers, Gale formed strategic alliances with top financial institutions, including J.P. Morgan, Morgan Stanley, UBS, and many others.
Gale's most notable developments include One Lincoln Street in Boston; and, in New Jersey, the Center of Morris County in Parsippany; Park Avenue at Morris County in Florham Park; and Mountainview Corporate Center in Bernards Township.
Roseland, known for its superior quality, meticulous attention to detail, and unwavering commitment to customer care, developed RiversEdge at Port Imperial in Weehawken.
Roseland Partners, L.L.C., a premier multi-family residential community developer and operator in the Northeast, was acquired by Mack-Cali in 2012.
Roseland's interests in: six operating multi-family properties totaling 1,769 apartments, one condo-residential property totaling four units and four commercial properties totaling 212,000 square feet; 13 in-process development projects, which include nine multi-family properties totaling 2,149 apartments, two garages totaling 1,591 parking spaces and two retail properties totaling approximately 35,400 square feet; and interests or options in land parcels which may support approximately 5,980 apartments, approximately 736,000 square feet of commercial space, and a 321-key hotel were also included in the transaction.
Renamed Roseland, the organization now operates as a Mack-Cali company, headquartered in Short Hills, New Jersey. Roseland's most notable communities include Port Imperial in Weehawken and West New York, New Jersey.
Mack-Cali has a strong market presence on the Jersey City waterfront. Shown is 101 Hudson Street, a 42-story trophy office tower, a Mack-Cali on the Hudson property.
Today, Mack-Cali Realty Corporation is one of the country's largest real estate investment trusts (REITs) and a leading owner, manager, and developer of class A properties. Mack-Cali owns or has interests in 276 properties consisting of 267 office and office/flex properties totaling approximately 30.8 million square feet and nine multi-family rental properties containing over 3,300 residential units, all located in Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Mack-Cali's office tenant roster includes some of the world's leading corporations, such as Daiichi Sankyo, National Union Fire Insurance Company, Deutsche Bank, Bank of Tokyo-Mitsubishi, Ltd., AT&T, Forest Research Institute, Keystone Mercy Health Plan, KPMG, and Wyndham Worldwide Operations.
Mack-Cali's strategy is to focus its growth in high-barrier-to-entry markets in the Northeast and Mid-Atlantic regions. In executing this strategy, the Company will continue to acquire and develop premier office properties and luxury multi-family communities in these core markets.
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