Orloff Lowenbach Stifelman & Siegel P.A.
 

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OLSS Represents Roseland Property Company in Sale to Mack-Cali

ROSELAND, NJ (October 23, 2012) -- Orloff, Lowenbach, Stifelman & Siegel, P.A. represented its long-time client Roseland Property Company, a premier multi-family residential community developer and operator in the Northeast, in the acquisition by Mack-Cali Realty Corporation (CLI) of Roseland’s real estate development and management businesses. The complex transaction also involved the acquisition by Mack-Cali of a portfolio of Roseland real estate interests, including operating multi-family properties with over 1,700 apartments, commercial properties totaling over 200,000 square feet, in-process development projects which will include over 2,000 apartments with associated garage and retail space, and interests in vacant land which may support approximately 5,980 apartments, 736,000 square feet of commercial space and a hotel.  The locations of the properties extend from New Jersey to Massachusetts.

Mack-Cali paid a total of $119 million in cash and debt assumption, and will pay an additional earn-out of up to $15.6 million in cash under certain conditions.  Mack-Cali is a real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its real estate portfolio, consisting primarily of office properties.

The OLSS team was led by Stanley Schwartz and included the following OLSS attorneys:  Adam M. Haberfield (Corporate/Real Estate); Eugenia Yudanin (Tax); William J. Adelson (Corporate/Real Estate) and Sanders M. Chattman (Corporate/Real Estate).  Press coverage appears in The Wall Street Journal, Real Estate Weekly, NJBIZ and the Star-Ledger.