Continuing a push to trim its vast office portfolio, Mack-Cali Realty Corp. has sold the five-year-old Parsippany building that serves as the headquarters for Wyndham World Corp. in a nearly $100 million deal announced Thursday.
The three-story, 249,400-square-foot property at 22 Sylvan Way was sold to Griffin Capital Corp., Edison-based Mack-Cali said in a news release. In addition to the sale price, the Los Angeles-based investment firm will assume about $7 million in future obligations for tenant improvements and commission.
Mack-Cali developed the building in 2009 under a long-term net lease with Wyndham, the hospitality giant. The property is part of the Mack-Cali Business Campus, a vast complex of commercial buildings and headquarters off Route 10.
Jose Cruz and Kevin O'Hearn, both of HFF, represented Mack-Cali in the $96.6 million deal.
Wyndham extended the lease term 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.
"Due to the long-term lease with Wyndham, this was an excellent opportunity to monetize the value of this Class A corporate headquarters," Mitchell E. Hersh, Mack-Cali's president and CEO, said in a prepared statement. "The proceeds will be reinvested into more strategic growth opportunities throughout the Northeast."
The longtime commercial real estate powerhouse, a publicly traded company, has moved aggressively in the past two years to raise capital for its quickly growing multifamily platform. During that time, Mack-Cali has both broken ground and acquired residential properties around the Northeast, while acquiring Roseland Property Co. to be its multifamily subsidiary.
That has also led Mack-Cali to sell a host of office buildings, including other high-profile sites such as Sanofi's headquarters campus in Bridgewater.