Mack-Cali Contributes Harborside Pier Land for Residential Development Joint Venture with Lincoln Property Company
12/08/1999 Category: Leasing and Development
Cranford, NJ--December 8, 1999--Mack-Cali Realty Corporation (NYSE:CLI) today announced it has entered into an agreement with Lincoln Property Company to contribute its land on the north pier of Harborside Financial Center for the development of luxury residential apartments. Harborside Financial Center is located on the Jersey City, New Jersey waterfront.
The apartment building will consist of approximately 300 units. Under the terms of the agreement, a joint venture will be created between Lincoln Property and Mack-Cali. Mack-Cali will contribute the pier land to the joint venture in exchange for cash and a percentage of ownership. The joint venture will be the developing entity, and construction will commence upon permit approval.
"We continue to view Jersey City as an outstanding market for real estate opportunities," commented Mitchell E. Hersh, chief executive officer of Mack-Cali. Hersh added, "This transaction will add a valuable residential component to Harborside and, along with the development of the Hyatt Hotel, will further enhance the infrastructure of Jersey City's waterfront as an attractive community for both residents and businesses."
The residential development is the fourth development project underway at Harborside Financial Center, a 1.9 million square-foot class A office complex with an approved master plan of over 4.1 million square feet of office, hotel and residential development. Other projects underway include a 185,000 square-foot office building being constructed for Waterhouse Securities; a seven-story, 440,000 square-foot, 1,100-car parking garage being built beneath the Waterhouse building; and a nine-story, 280,000 square-foot Hyatt Regency Hotel, to be built on Harborside's south pier.
Lincoln Property Company is a Texas-based, national real estate firm, which has developed over 34 million square feet of commercial space and 160,000 residential units.
Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 266 properties, primarily office and office/flex buildings, totaling approximately 28.4 million square feet, located in 12 states and the District of Columbia. The properties, which are primarily located in the Northeast, enable the Company to provide a full complement of real estate opportunities to its diverse base of over 2,400 tenants.