Mack-Cali Realty Corporation, the New Jersey-based REIT, announced this week that it had sold 22 Sylvan Way in Mack-Cali Business Campus, Parsippany, New Jersey, for $96.6 million to Griffin Capital Corporation. The commercial office property is apparently the priciest office transaction so far this year in New Jersey. As part of the transaction, Griffin has assumed responsibility for approximately $7 million in future tenant improvement allowance and commission obligations. Full terms of the deal were not disclosed. Mack-Cali was represented in the transaction by Jose Cruz and Kevin O'Hearn, both of HFF.
"Due to the long-term lease with Wyndham, this was an excellent opportunity to monetize the value of this class A corporate headquarters," said Mitchell Hersh, president and chief executive officer of Mack-Cali. "The proceeds will be reinvested into more strategic growth opportunities throughout the Northeast."
The three-story, 249,400-square-foot property was originally developed in 2009 pursuant to a long-term, net lease to serve as the headquarters for Wyndham Worldwide Corporation. Wyndham extended the lease term, re-upping to 15 years, to coincide with the term on its recently completed headquarters expansion at the adjacent 14 Sylvan Way, which also was developed and is owned by Mack-Cali.
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