40 Richards Ave. in Norwalk, Connecticut sold by Mack-Cali Realty
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/By Haim Haviv/
Mack-Cali Realty Corporation (NYSE: CLI) announced today that it has sold to The Davis Companies its only commercial office property at 40 Richards Ave. in Norwalk, Connecticut, for $16.5 million. This is a seven-story, 145, 487 sq. foot (13, 516 sq. meters) property. Approximately 64 percent of it is occupied.
According to PR News, Mitchell E. Hersh, Mack-Cali’s president and CEO, had this to say about the conveyance: “40 Richards Ave. was Mack-Cali’s sole asset in Norwalk and was no longer consistent with our overall strategy. This was the right time to sell, given market conditions, and we look forward to redeploying the proceeds into more strategic investment opportunities.”
Mack-Cali Realty is a real estate investment trust that is fully integrated, self-administered, self-managed (REIT) that provides management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. It owns or has an interest in over 270 properties, consisting of 264 office and office/flex properties, totaling approximately 30.6 million sq. feet (2, 843, 000 sq. meters) and nine multi-family rental properties, containing over 3, 300 residential units, all of which are in the Northeast.
The company began as a developer of single-family homes in northern New Jersey. In the late 60s it added suburban office building development to its construction, building its first in 1969. In the 1970s and 1980s, it focused on suburban office development building over 2.2 million square feet of class A office space in New Jersey.
In the 1990s Cali switched its strategy from developing to acquiring and managing office buildings. In 1994, it went public as Cali Realty Corporation, a real estate investment trust. The Company expanded its presence in its core New Jersey market but also expanded into the adjacent suburban Philadelphia market through property acquisitions. In 1997, Cali, in a $450 million transaction, acquired the Robert Martin Company, becoming a Northeast’s super-regional REIT. The transaction added properties totaling 4.1 million square feet to Cali’s portfolio, and expanding the company’s a presence into Connecticut.In December 1997, Cali had a $1.2 billion merger with The Mack Company and the Patriot American Office Group. The resulting entity was renamed Mack-Cali Realty Corporation.
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.
Currently, Mack-Cali is headed by Mitchell E. Hersh who serves as President and Chief Executive Officer of the Company. Hersh is responsible for the strategic direction and long-term planning for the Company. He is also responsible for creating and implementing the Company’s capital markets strategy and overall investment strategy.
Barry Lefkowitz has served as chief financial officer of the Company since 1996, and as executive vice president of the Company since 1997. Lefkowitz oversees numerous aspects of the giant company’s activities, including, its strategic financial planning and forecasting, financial accounting and reporting, capital markets activities, investor relations, and information technology systems and oversight of the Company’s property management and asset management operations.