The six properties are located at 51, 101 and 103 JFK Parkway in Short Hills, and 1, 3 and 7 Giralda Farms in Madison, totaling 1.1 million square feet.
“This transaction exemplifies our strategy of owning only the best assets in strong markets that offer tenants state-of-the-art office spaces with a suite of first-class amenities,” Michael DeMarco, Mack-Cali’s president, said.
HFF, also known as Holliday Fenoglio Fowler L.P., marketed the property and procured the buyer on behalf of RXR Realty. Jose Cruz, senior managing director; Kevin O’Hearn, managing director; Michael Oliver and Stephen Simonelli, directors; Marc Duval, associate director; and Michael Tepedino, executive managing director, represented the seller.
“Short Hills, Madison and Whippany lead the suburban New Jersey markets in investor demand,” Cruz said. “The buyer performed extremely well and they will benefit from significant growth in that submarket.”
The portfolio is 91 percent leased, and is home to KPMG, Citibank, Wells Fargo, Pfizer and Prudential, to name a few. All of the properties are located in the high-growth Route 24 corridor.
“This acquisition signifies Mack-Cali’s substantially expanded presence in the affluent Short Hills submarket — positioning us as the owner of nearly all of the Class A office space, as well as some of the most premier assets in the Madison submarket,” DeMarco said.
The properties enjoy close access to retail amenities, including The Mall at Short Hills, downtown Morristown and retail along Route 10.