Veris Residential, Inc., formerly known as Mack-Cali Realty Corporation, is an American publicly traded

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

headquartered in Jersey City, New Jersey. As of December 31, 2019, it owned or had interests in 71 properties, including 42 office properties comprising 10.4 million square feet, 21 apartment properties containing 6,524 apartments, 4 parking/retail properties totaling approximately 108,000 square feet, 3 hotels containing 723 rooms, as well as land holdings. With the exception of a few properties in New York and

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, all of the properties are in

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...

Investments

Notable investments owned by the company include: *

101 Hudson Street 101 Hudson Street, also known as the Merrill Lynch Building, in the Exchange Place neighborhood of Jersey City, New Jersey, is the seventh-tallest building in Jersey City, and the sixth-tallest in the state of New Jersey. Completed in 1992, it ...

, completed in 1992, is a 42-story, office building in Jersey City, New Jersey. * Harborside, on the

Hudson Waterfront The Hudson Waterfront is an urban area of northeastern New Jersey along the lower reaches of the Hudson River, the Upper New York Bay and the Kill van Kull. Though the term can specifically mean the shoreline, it is often used to mean the contigu ...

in Jersey City, is a multi-building mixed-use development. In October 2016, the company unveiled plans to build Harborside 4, a 1.2 million-square-foot office tower, in a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and economic risk, risks, and shared governance. Companies typically pursue joint ventures for one of four rea ...

with SJP Properties. * RiverTrace at Port Imperial is a luxury rental building in West New York, New Jersey. It consists of 316 studio, one-, two-, or three-bedroom apartments. Ribbon cutting ceremonies took place in October 2013. *

Marbella Apartments The BLVD Collection is trio of 427 ft (130m) tall skyscrapers in Jersey City, New Jersey, including the 17th tallest building in Jersey City. When it was completed, it was the tallest residential building in Jersey City. The first building, ...

is the 17th tallest building in Jersey City. When it was completed in 2003, it was the tallest residential building in New Jersey. It is now ranked 26th on the

list of tallest buildings in Jersey City Image:Jersey_City_Skyline_-_Jan_2006.jpg, 400px, Skyline of Jersey City in January 2006 poly 1487 1233 1485 1066 1655 1062 1653 544 1666 275 1685 141 1881 138 1924 148 1930 200 1935 204 1938 278 1945 281 1946 374 1951 375 1956 557 1957 1230 30 ...

. * Jersey City Urby broke ground on January 15, 2014 with joint venture partner Ironstate Development Company to consist of 3 towers of 69 stories each containing 763 apartments, or 2,359 apartments in total. The first tower, Urby Harborside 1, was topped off in September 2015.

History

The company was founded in 1949 as Cali Associates by John J. Cali, Angelo R. Cali, and Edward Leshowitz. In the 1950s, Cali Associates was a developer of single family homes in northern New Jersey. In 1969, the company completed construction of its first office building, 14 Commerce Drive, in Cranford Business Park, Cranford, New Jersey. During the 1970s and 1980s, Cali Associates capitalized on increasing population and commerce in New Jersey by building 2.2 million square feet of class A office space. In August 1994, Cali Associates became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( ...

through an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

of stock, and it changed its name to Cali Realty Corporation, under a management headed by Brant Cali, John R. Cali, and Thomas A. Rizk. In 1997, Cali Realty acquired the Robert Martin Company for $211 million in cash and 1,401,225 operating-partnership units, then valued at $44 million, and the assumption of $185 million of debt. The transaction added 65 properties and 4.1 million square feet to its portfolio, mostly in

Westchester County, New York Westchester County is located in the U.S. state of New York. It is the seventh most populous county in the State of New York and the most populous north of New York City. According to the 2020 United States Census, the county had a population ...

, and

Connecticut Connecticut () is the southernmost state in the New England region of the Northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, New York to the west, and Long Island Sound to the south. Its capita ...

. In 2019, Robert Martin re-acquired most of the portfolio from Mack-Cali for $487.5 million. In December 1997, Cali Realty Corporation completed a $1.2 billion merger with Patriot American Office Group and the Mack Company (founded by H. Bert Mack and operated by his four sons: Earle I. Mack, William L. Mack, Fredric H. Mack, and

David S. Mack David S. Mack (born 1941) is an American businessman. Early life and education Mack was born to a Jewish family, the son of Ruth (nee Kaufman) and H. Bert Mack (1912–1992).

). The company changed its named to Mack-Cali Realty Corporation. At the time, this merger was the largest real estate investment trust transaction. Mitchell E. Hersh became a member of the board of directors in 1997. He became the

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especial ...

(CEO) in 1999. In 2004, he became president of the company in addition to its CEO. In 1998, the company acquired $450 million worth of office properties, which boosted its holdings by 12%. It also bought properties in Washington D.C. and Maryland and properties in the Southwest. In 2006, the company acquired the Gale Company, a private real estate firm headquartered in New Jersey that owned 2.8 million-square-foot of office buildings. In 2012, the company acquired Roseland Partners, a property developer in New Jersey, for $134.6 million. It was developing the $120 million RiverTrace waterfront tower at Port Imperial, which was completed in October 2013. In 2013, the company sold 19 Skyline Drive for $17.5 million. In November 2014, Roseland opened Portside at East Pier in East Boston. The second phase, which includes 550 luxury residences and 70,000 square feet of retail space, opened in 2018. In 2015, Mitchell E. Rudin became CEO and Michael J. DeMarco became the company's president and

chief operating officer A chief operating officer or chief operations officer, also called a COO, is one of the highest-ranking executive positions in an organization, composing part of the " C-suite". The COO is usually the second-in-command at the firm, especially if ...

. The same year, the company moved its headquarters to Jersey City. In December 2021, the company changed its name to Veris Residential, Inc., with Mahbod Nia as

and Amanda Lombard as chief financial officer.

References

{{DEFAULTSORT:Mack-Cali 1994 initial public offerings Companies based in Jersey City, New Jersey Companies listed on the New York Stock Exchange Real estate companies established in 1997 Real estate investment trusts of the United States Residential real estate