As of February 21, 2024, it owned or had interests in 22 apartment complexes, as well as a substantial land bank. With the exception of a few properties in New York and Massachusetts, the majority of the properties are in New Jersey.
The company was formerly known as Mack-Cali Realty Corporation.
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.[4]
The company was founded in 1949 as Cali Associates by John J. Cali, Angelo R. Cali, and Edward Leshowitz.[5][6]
In the 1950s, Cali Associates was a developer of single family homes in northern New Jersey.[7]
In 1969, the company completed construction of its first office building, 14 Commerce Drive, in Cranford Business Park, Cranford, New Jersey.[7]
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.[7]
In August 1994, Cali Associates became a public company through an initial public offering 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.[8]
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, and Connecticut.[9] In 2019, Robert Martin re-acquired most of the portfolio from Mack-Cali for $487.5 million.[10]
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). The company changed its named to Mack-Cali Realty Corporation. At the time, this merger was the largest real estate investment trust transaction.[11]
Mitchell E. Hersh became a member of the board of directors in 1997. He became the chief executive officer (CEO) in 1999.[12] In 2004, he became president of the company in addition to its CEO.[13]
In 1998, the company acquired $450 million worth of office properties, which boosted its holdings by 12%.[14] It also bought properties in Washington D.C. and Maryland[15] and properties in the Southwest.[16]
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.[17]
In 2012, the company acquired Roseland Partners, a property developer in New Jersey, for $134.6 million.[18] It was developing the $120 million RiverTrace waterfront tower at Port Imperial, which was completed in October 2013.[19]
In 2013, the company sold 19 Skyline Drive for $17.5 million.[20]
In November 2014, Roseland opened Portside at East Pier in East Boston.[21][22] The second phase, which includes 550 luxury residences and 70,000 square feet of retail space, opened in 2018.[23]
In 2015, Mitchell E. Rudin became CEO and Michael J. DeMarco became the company's president and chief operating officer.[24] The same year, the company moved its headquarters to Jersey City.[25]
In December 2021, the company changed its name to Veris Residential, Inc.[26]
US$355 million (2022)
US$3.920 billion (2022)
