Mack-Cali Realty has announced the divestiture of its Metropark office portfolio in Edison and Iselin in New Jersey for $254 million to real estate investment firm Opal Holdings.

According to the real estate investment trust (REIT), the sale comprises four office buildings that occupy 945,906 square feet.

The sale is said to mark one of the largest suburban office deals in 2021, said Mack-Cali Realty, which intends to utilize the sales proceeds for reducing its debt during Q2 2021.

Mahbod Nia – CEO of Mack-Cali Realty said: “This sale marks a key milestone in our strategy to sell non-core suburban office assets, which we expect to substantially complete in the near future.

“I commend the team’s focus and tireless efforts to bring such a significant transaction across the finish line despite the challenges of the current environment.”

The Metropark portfolio is made up of 99 and 101 Wood Avenue South and 333 and 343 Thornall Street. Presently, over 90% of it is leased to blue chip tenants.

  Mack-Cali Realty, Mahbod Nia, New Jersey, Real estate industry news, USA