Mack-Cali Realty's new leaders are promising shareholders changes including stepped-up sales of underperforming suburban office buildings, and they vow better communication with investors, analysts and the public. "People didn't want to deal with us because it was unpleasant," says Michael DeMarco, the new president.
A Mack-Cali partnership is seeking approval to build a 300-unit, 32-story apartment tower in Philadelphia. Construction is expected to start at the end of the year. The project is part of Mack-Cali's move from suburban offices to apartment and mixed-use development.
Mack-Cali Realty Corp. acquired an apartment building in Andover, Mass., for $37.7 million. The property, which is 94% leased, joins two multifamily properties the REIT acquired in the Boston area last year.