Mack-Cali Realty Corporation
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- Mack-Cali Realty Corporation, now operating as Veris Residential, Inc. (NYSE: VRE), is a forward-thinking, environmentally- and socially-conscious real estate investment trust that primarily owns, operates, acquires, and develops Class A multifamily properties in high-growth markets across the Northeast United States, including New Jersey, New York, and Massachusetts; its portfolio features luxury rental communities such as Haus25, The BLVD Collection, Liberty Towers, Soho Lofts, The Upton, The Capstone, RiverTrace, RiverHouse 9, RiverHouse 11, The Emery, Portside, and Sable (formerly Jersey City Urby), emphasizing sustainability features like LEED certifications, energy-efficient systems, smart meters, renewable electricity, and wellness amenities including WELL Health and Safety and Equity ratings. Founded in 1949 as Cali Associates and headquartered in Jersey City, New Jersey, the company previously focused on Class A office, office/flex properties, and mixed-use developments in the Northeast but has transformed into a pure-play multifamily REIT through strategic dispositions of over $1 billion in non-core suburban office assets, repayment of recourse debt, and portfolio repositioning. Recent developments include the 2021 rebranding to Veris Residential with a new ticker symbol effective December 10, 2021; consolidation of its stake in Jersey City Urby and rebranding it to Sable in April 2025; sale of a Morris Plains, New Jersey multifamily property for $85 million in July 2025 to reduce leverage and advance its 2025 corporate plan; release of its 2024 Sustainability Report highlighting a GRESB-leading score, 79% green-certified properties, a $500 million sustainability-linked credit facility with margin reductions, and a solar project at Portside II; and ongoing ESG initiatives such as UN Global Compact endorsement, EV100 commitment, and Scope 1 & 2 emissions reductions of 58% below 2019 levels.
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