Mack-Cali Announces $255 Million Sale of Short Hills Office Portfolio Advancing Suburban Office Sales Momentum JERSEY CITY, N.J. , April 20, 2021 |PRNewswire| -- Mack-Cali Realty Corporation (NYSE: CLI ) today announces the $255 million sale of its Short Hills, New Jersey office portfolio, a four office building portfolio encompassing 843,300 square feet, to The Birch Group. The transaction releases approximately $100 million of net proceeds, after retirement of financing and transaction costs, which is expected to be used to pay down the Company's unsecured corporate debt during the second quarter of 2021. "This transaction represents yet another significant step towards simplifying our company through the disposition of suburban office properties while generating liquidity to pay down corporate debt and strengthen our balance sheet," said Mahbod Nia , Chief Executive Officer of Mack- Cali . "I would like to thank the team for their hard work and commitment to closing this complex transaction expeditiously." The office portfolio, comprising four buildings, includes 51 JFK Parkway, a 260,750-square-foot property, which is currently 86.9% leased