Mack-Cali buys real estate co., office portfolio

Price tag exceeds half a billion dollars

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Mack-Cali Realty Corp. announced it has completed its acquisition of The Gale Real Estate Services Co. and interests in approximately 2.8 million square feet of office properties in New Jersey. The total value of the deal was approximately $518 million. The company also announced that Gale President Mark Yeager, while retaining his duties in that role, has been named as an executive vice president of Mack-Cali. Mack-Cali President and Chief Executive Officer Mitchell E. Hersh, commented, "This transaction is a watershed event for Mack-Cali. It solidifies our dominant office market position in New Jersey and provides us with a powerful engine for further growth." In line with agreements previously announced, Mack-Cali acquired: The Gale Real Estate Services Co. for $12 million in cash, $10 million in common operating partnership units and up to an additional $18 million in cash based on a three-year earn-out. Substantially all the ownership interests in 13 class A office prope...