Mack-Cali, Major Parsippany Real Estate Player, Rebrands Amid Office Sales

PARSIPPANY, NJ — A major player in Parsippany real estate has rebranded. Mack-Cali's name change to Veris comes amid the company's years-long vision to sell its office properties and shift into the residential market.

The rebrand comes after major moves to sell Parsippany properties. The Jersey City-based Mack-Cali made plans in 2019 to sell its entire suburban-office portfolio, including 2.4 million square feet of space in Parsippany and Madison. A joint venture led by Onyx Equities purchased the property in a $288.5 million deal.

Mack-Cali also sold the Wegmans Retail Center for $46 million last summer. The sale included the properties for Wegmans Food Markets, Panera Break and nearby restaurants Capital Grille and Seasons 52. Read more: Wegmans Retail Plaza In Parsippany Sells For $46 Million

Veris Residential changed its name as it focuses "on our key strengths in the multifamily sector," according to a letter from CEO Mahbod Nia. The company has made more than $1 billion from suburban office sales, according to a Veris Residential presentation.

The shift comes as the supply of New Jersey's office availability far outweighs demand. The Garden State's office-space availability climbed to 21.6 percent in the first quarter of the year — up about 4 percent from the same time last year — according to an Avison Young New Jersey report.

Vacancy issues have resulted in some of Parsippany's office parks turning into mixed-used properties. PARQ Parsippany broke ground Thursday at the former Lanidex Plaza and will include more than 500 residential units. Read more: PARQ Groundbreaking Advances Hopes To Revitalize Parsippany Plaza

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