Mack-Cali Realty (CLI) announces exit from suburban office portfolio.

Mack-Cali Realty (CLI) announced today that it will be selling all of its remaining suburban office properties following a strategic review conducted by the Board of Directors.  Approximately 36% of the portfolio (2.4 million square feet) is already under contract for an aggregate purchase price of $285 million, with proceeds targeted to pay down corporate-level indebtedness.  CLI said that it expected to liquidate the remaining properties by the end of 2020.