Mack-Cali Realty (CLI) announces $488 million office sale.

Mack-Cali Realty Corp. (CLI) announced today that it has entered into definitive agreements to sell a 3.1 million square foot office/flex portfolio for $487.5 million.  A portion of the sales proceeds will be used to purchase a 377-unit apartment complex in Jersey City and approximately $230 million will be used to reduce unsecured debt.

Management noted that the office sale "substantially completes our strategic repositioning...and evolution to a waterfront centric office and residential landlord."