A big win for Jersey City comes at the expense of Washington DC, Paramus, and New York City as real estate giant Mack-Cali sells properties in those cities to focus in the Gold Coast.
Citing the current trend of live-work-play in the same area Mack-Cali plans on investing $600 to $800 million of the proceeds from divesting elsewhere in Jersey City and elsewhere on the Gold Coast.
“The real estate management firm plans to move its headquarters from Edison to Jersey City by the first half of 2016, the company said in a release. The move is just part of the firm’s latest efforts to focus on waterfront properties in Jersey City, Weehawken, Hoboken and West New York.
“People today want to live, work, and play in the same area,” Chief Executive Officer Mitchell Rudin said in a statement. “Changes we are making to our portfolio and improvements we are making in our efficiency will create a sleeker, more responsive company that is better able to achieve its long-term goals and meet the future needs of our tenants and residents.””