FLORHAM PARK, N.J.--(EON: Enhanced Online News)--Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $124.5 million in financing for 51, 101 and 103 JFK Parkway in Short Hills, New Jersey.
“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”
Working on behalf of the borrower, Mack-Cali Realty Corporation, HFF placed the 10-year, fixed-rate loan through Citi and Goldman Sachs & Co. Loan proceeds were used to acquire the properties, which were part of a larger six-property portfolio that HFF sold to Mack-Cali on behalf of RXR Realty.
The properties are located in Short Hills, along the high-growth Route 24 Corridor, which is close to the affluent residential communities of Millburn, Summit, Livingston, Chatham and Florham Park, plus the The Mall at Short Hills; the downtown areas of Morristown, Madison and Summit and the retail offerings along Route 10. Built between 1981 and 1988, the properties are fully leased to major tenants, including KPMG, Merrill Lynch, Wells Fargo, Dun & Bradstreet and Investors Bank.
The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula.
“We were excited to help Mack-Cali with its acquisition of the Short Hills assets, which are some of the premier Class A office buildings in the state,” stated Mikula.
“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,” said Michael J. DeMarco, Mack-Cali President. “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.”
About Mack-Cali Realty Corporation
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development and other tenant-related services for its two-platform operations of waterfront and transit-based office and luxury multi-family assets. Mack-Cali provides its tenants and residents with the most innovative communities that empower them to re-imagine the way they work and live.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company’s website at mack-cali.com.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.