{"id":1004195133,"date":"2017-10-26T02:39:03","date_gmt":"2017-10-26T10:39:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004195133"},"modified":"2022-12-08T23:12:01","modified_gmt":"2022-12-09T07:12:01","slug":"mack-cali-unveils-50m-nj-capital-improvement-initiative","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mack-cali-unveils-50m-nj-capital-improvement-initiative\/","title":{"rendered":"Mack-Cali Unveils $50M NJ Capital Improvement Initiative"},"content":{"rendered":"

By Gail Kalinoski<\/em><\/p>\n

\"Sylvan<\/a>

Sylvan Way lobby<\/p><\/div>\n

Several suburban office properties in Mack-Cali Realty Corp.\u2019s portfolio will be getting makeovers as the Jersey City, N.J.-based REIT invests $50 million in a capital improvement initiative.<\/p>\n

Mack-Cali, an owner, manager and developer of premier office and multifamily properties, plans to renovate building exteriors, install state-of-the-art amenities and modernize common areas throughout its properties in Parsippany, Short Hills, Metro Park and Red Bank, N.J.<\/p>\n

\u201cWhile state-of-the-art facilities are a \u2018must\u2019 in today\u2019s office market, our strategy of catering to the evolving needs of the modern tenant is about much more than just improving the physical infrastructure of a building. It also means setting the stage with next-level amenities,\u201d<\/em> CEO Michael DeMarco said in a prepared statement. \u201cWith this capital improvement program, we\u2019re upgrading every touchpoint of the tenant experience \u2013 from what they see when they first walk into the building\u2019s lobby, to where and what they eat for lunch, and how they work out in the afternoon.\u201d<\/em><\/p>\n

The REIT\u2019s plans include: redesigning lobbies and entryways; upgrading finishes; adding new and updated dining options, from \u2018grab and go\u2019 kiosks to full-service food halls; updating conference center with built-in connections to furniture and cutting-edge audio-visual systems; creating new fitness centers and furnished lounge areas.<\/p>\n

Properties getting the upgrades include Sylvan Way, 8 and 9 Campus Drive and 5 Wood Hollow in Parsippany. Other assets in the capital improvement initiative are River | Centre \u2013\u00a0Red Bank; 333 and 334 Thornall in Edison; 581 Main St. in Woodbridge; 150 JFK Parkway in Short Hills; and 3 Giralda Farms\u00a0in Madison.<\/p>\n

HLW International, Studio 1200, Rotwein+Blake, and Joshua Zinder are among the architects retained for the program.<\/p>\n

Harborside Upgrades <\/strong><\/h2>\n

Last month, Mack-Cali announced it was spending $75 million to transform Harborside, a complex of Class A mixed-used buildings on the Jersey City, N.J., waterfront into a 24\/7 cultural district. Plans include changes\u00a0of Harborside\u2019s office buildings with floor-to-ceiling glass and steel to increase natural light and views of the Hudson River and New York City. The renovations at Harborside will also include lobby and common area upgrades and the addition of a food hall.<\/p>\n

\u201cT<\/em>hroughout our entire portfolio, we’re executing an aggressive strategy to create truly great places to work and live for decades to come,”<\/em> DeMarco said.<\/p>\n

Earlier this month, Mack-Cali sold Totowa Conference Center, a 13-building flex\/industrial park in Totowa<\/a>, N.J. Heritage Capital Group paid $65.5 million for the campus as part of a 1031 exchange. The campus has 508,028 square feet of space occupied by 48 tenants and includes a 5.8-acre vacant parcel for future development. The sale was part of Mack-Cali\u2019s non-core properties disposition plan announced in June.<\/p>\n

Photo courtesy of\u00a0Mack-Cali Realty Corp.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT plans to renovate building exteriors, install state-of-the-art amenities and modernize common areas throughout its portfolio of properties in Parsippany, Short Hills, Metro Park and Red Bank, N.J.<\/p>\n","protected":false},"author":1068,"featured_media":1004195168,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742,10,21747],"tags":[37605,33554,38101],"class_list":["post-1004195133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-hlw-international","tag-mack-cali-realty-corporation","tag-michael-demarco"],"acf":[],"yoast_head":"\nMack-Cali Unveils $50M NJ Capital Improvement Initiative - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mack-cali-unveils-50m-nj-capital-improvement-initiative\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mack-Cali Unveils $50M NJ Capital Improvement Initiative\" \/>\n<meta property=\"og:description\" content=\"The REIT plans to renovate building exteriors, install state-of-the-art amenities and modernize common areas throughout its portfolio of properties in Parsippany, Short Hills, Metro Park and Red Bank, N.J.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mack-cali-unveils-50m-nj-capital-improvement-initiative\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-26T10:39:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T07:12:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/7_sylvan_way__parsippany_lobby_720.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mack-cali-unveils-50m-nj-capital-improvement-initiative\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mack-cali-unveils-50m-nj-capital-improvement-initiative\/\",\"name\":\"Mack-Cali Unveils $50M NJ Capital Improvement Initiative - 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