Mack-Cali Announces $50-Million Capital Improvement Initiative For Suburban New Jersey Office Portfolio

JERSEY CITY, N.J., Oct. 24, 2017 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI), owner, manager and developer of premier office and multifamily properties, today announced it has invested $50 million to significantly upgrade its portfolio of office properties in certain transit-oriented suburbs of New Jersey.

To be completed over the course of the next year, the capital improvement initiative involves a comprehensive renovation of building exteriors, installation of state-of-the-art amenities, and modernization of common areas in properties throughout Parsippany, Short Hills, Metro Park, and Red Bank.

Included in Mack-Cali's improvement plans are:

• Redesigns of building lobbies and entryways, designed to create bright, airy settings with locally-inspired design features
• Upgraded finishes, customized to complement each building's new design and aesthetic
• New and updated onsite dining options, from "grab-and-go" kiosks offering fresh lunch items to full-service food halls with abundant seating
• Conference centers featuring high-end tables with built-in connections and cutting-edge audio-visual systems
• New tenant fitness centers with state-of-the-art equipment, training facilities, locker rooms, and vanity areas
• A variety of furnished lounge areas designed for a relaxed experience

"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," said Michael DeMarco, CEO of Mack-Cali. "It also means setting the stage with next-level amenities. 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."

Mack-Cali has retained a world-class group of architects to execute the various renovations, including HLW International, Studio 1200, Rotwein + Blake, and Joshua Zinder.

The properties included in the capital improvement plan include:

• Sylvan Way – Parsippany
• 8 and 9 Campus Drive – Parsippany
• 5 Wood Hollow – Parsippany
• River | Centre – Red Bank
• 333 and 334 Thornall – Edison
• 581 Main Street – Woodbridge
• 150 JFK Parkway – Short Hills
• 3 Giralda Farms – Madison

The company's suburban capital improvement program comes on the heels of the recent announcement of its $75-million effort to transform Harborside, an assortment of class A mixed-use buildings on the Jersey City waterfront, into a vibrant, 24/7 cultural district.

"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.

About Mack-Cali Realty Corporation
One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.

A fully-integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.

For more information on Mack-Cali Realty Corporation and its properties, visit www.mack-cali.com.

MEDIA CONTACT:
Caroline Bligh
Beckerman
201-465-8045
[e-mail]

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SOURCE Mack-Cali Realty Corporation

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