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Veris Residential

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Veris Residential
Company typePublic company
NYSE: VRE
S&P 600 component
IndustryReal estate investment trust
Founded1997; 27 years ago (1997)
HeadquartersJersey City, New Jersey, U.S.
Area served
Northeast
Key people
Mahbod Nia, (CEO)[1]
Amanda Lombard, CFO
ServicesProperty management
RevenueIncrease US$355 million (2022)
Increase -US$52 million (2022)
Total assetsDecrease US$3.920 billion (2022)
Total equityDecrease US$1.399 billion (2022)
Number of employees
215 (2022)
Websiteverisresidential.com
Footnotes / references
[2]

Veris Residential, Inc. is a real estate investment trust headquartered in Jersey City, New Jersey, investing primarily in multifamily real estate in New Jersey and Boston.

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.

Investments

[edit]

Notable investments owned by the company include:

  • The BLVD Collection,[3] three skyscrapers including the 17th tallest building in Jersey City. When it was completed in 2003, it was the tallest residential building in New Jersey. It is now ranked 26th on the list of tallest buildings in Jersey City.
  • 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]
  • Haus25[5]

History

[edit]

The company was founded in 1949 as Cali Associates by John J. Cali, Angelo R. Cali, and Edward Leshowitz.[6][7]

In the 1950s, Cali Associates was a developer of single family homes in northern New Jersey.[8]

In 1969, the company completed construction of its first office building, 14 Commerce Drive, in Cranford Business Park, Cranford, New Jersey.[8]

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.[8]

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.[9]

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.[10] In 2019, Robert Martin re-acquired most of the portfolio from Mack-Cali for $487.5 million.[11]

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.[12]

Mitchell E. Hersh became a member of the board of directors in 1997. He became the chief executive officer (CEO) in 1999.[13] In 2004, he became president of the company in addition to its CEO.[14]

In 1998, the company acquired $450 million worth of office properties, which boosted its holdings by 12%.[15] It also bought properties in Washington D.C. and Maryland[16] and properties in the Southwest.[17]

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.[18]

In 2012, the company acquired Roseland Partners, a property developer in New Jersey, for $134.6 million.[19] It was developing the $120 million RiverTrace waterfront tower at Port Imperial, which was completed in October 2013.[20]

In 2013, the company sold 19 Skyline Drive for $17.5 million.[21]

In November 2014, Roseland opened Portside at East Pier in East Boston.[22][23] The second phase, which includes 550 luxury residences and 70,000 square feet of retail space, opened in 2018.[24]

In 2015, Mitchell E. Rudin became CEO and Michael J. DeMarco became the company's president and chief operating officer.[25] The same year, the company moved its headquarters to Jersey City.[26]

In June 2020, the company reconstituted its board of directors, electing MaryAnne Gilmartin as chair. Gilmartin also served as Interim Chief Executive Officer prior to the appointment of Mahbod Nia as permanent CEO in March 2021.[27][28] Nia has served on the company's board since June 2020. Concurrently, Gilmartin stepped down as chair and was replaced by former Lead Independent Director Tammy K. Jones.[28]

In December 2021, the company changed its name to Veris Residential, Inc, reflecting a pivot from office to multifamily residential buildings.[29][30] In April 2023, the company completed the sale of Harborside 1,2, & 3 in Jersey City for $420 million USD, and in 2024 they sold their final office property, completing the shift to residential buildings.[31][32]

References

[edit]
  1. ^ "Mack-Cali Names Mahbod Nia Chief Executive Officer" (Press release). Archived from the original on 2022-03-07. Retrieved 2022-03-07.
  2. ^ "Veris Residential, Inc. 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  3. ^ "The BLVD Collection | Apartments in Jersey City". Veris Residential. Archived from the original on 2024-08-19. Retrieved 2024-08-16.
  4. ^ "Jersey City Urby". Iron State. Archived from the original on 2020-01-28. Retrieved 2020-03-20.
  5. ^ Young, Michael (2022-04-27). "Haus25 Completes Construction at 25 Columbus Drive in Jersey City". New York YIMBY. Archived from the original on 2024-03-18. Retrieved 2024-08-16.
  6. ^ Hevesi, Dennis (December 15, 2006). "Angelo R. Cali, 91, Founder of Real Estate Trust, Dies". The New York Times. Archived from the original on December 15, 2018. Retrieved February 17, 2017.
  7. ^ Arnold, Laurence (February 4, 2014). "John Cali, Co-Founder of Mack-Cali Predecessor, Dies at 95". Bloomberg News. Archived from the original on 2014-05-17. Retrieved 2017-03-08.
  8. ^ a b c "Cali Associates". Mack-Cali Realty Corporation.
  9. ^ Deutsch, Claudia H. (September 18, 1994). "Commercial Property/Going Public; A Veteran Realty Company Takes the Market Plunge". The New York Times. Archived from the original on March 17, 2016. Retrieved February 17, 2017.
  10. ^ Holusha, John (February 2, 1997). "Westchester Firm Becoming Part of Jersey REIT". The New York Times. Archived from the original on February 22, 2020. Retrieved March 20, 2020.
  11. ^ "Robert Martin Company Acquires $487.5 Million Real Estate Portfolio from Mack-Cali". Paul Hastings. April 19, 2019. Archived from the original on May 14, 2020. Retrieved March 20, 2020.
  12. ^ Garbarine, Rachelle (January 4, 1998). "Commercial Property/Mack-Cali Realty Corporation; From Two Family Firms, a 'Super-Regional REIT'". The New York Times. Archived from the original on March 17, 2016. Retrieved February 17, 2017.
  13. ^ "Mitchell E. Hersh". Forbes. Archived from the original on October 28, 2012.
  14. ^ "Mack-Cali Realty Corporation Announces Management Changes" (Press release). Business Wire. May 7, 2004. Archived from the original on August 22, 2024. Retrieved March 20, 2020.
  15. ^ "COMPANY NEWS; MACK-CALI REALTY TO EXPAND OFFICE PROPERTY HOLDINGS". The New York Times. Bloomberg News. December 15, 2006. Archived from the original on May 27, 2015. Retrieved March 20, 2020.
  16. ^ "Mack-Cali Property Deal". The New York Times. Dow Jones & Company. June 16, 1998. Archived from the original on August 22, 2024. Retrieved March 20, 2020.
  17. ^ "COMPANY NEWS; MACK-CALI ADDS SEVERAL NEW PROPERTIES". The New York Times. Bloomberg News. January 14, 1998. Archived from the original on May 27, 2015. Retrieved March 20, 2020.
  18. ^ "Mack-Cali Completes Its Acquisition of the Gale Real Estate Services Company and Interests in 20 New Jersey Office Properties -- Gale President Mark Yeager Named EVP at Mack-Cali" (Press release). Business Wire. May 10, 2006. Archived from the original on August 22, 2024. Retrieved March 20, 2020.
  19. ^ "Mack-Cali Realty Corporation To Acquire Real Estate Interests And Development And Management Businesses Of Roseland Partners" (Press release). PR Newswire. October 9, 2012. Archived from the original on August 22, 2024. Retrieved March 20, 2020.
  20. ^ Martin, Antoinette (November 17, 2011). "A Rising Rental Market in the North". The New York Times. Archived from the original on December 13, 2019. Retrieved February 17, 2017.
  21. ^ "Mack-Cali Sells Westchester County Property" (Press release). PR Newswire. April 10, 2013. Archived from the original on June 21, 2021. Retrieved March 20, 2020.
  22. ^ "Roseland And Massport Celebrate Opening Of Portside at East Pier Building 7" (Press release). PR Newswire. November 13, 2014. Archived from the original on August 22, 2024. Retrieved March 20, 2020.
  23. ^ Lynds, John (November 19, 2014). "After More than Two Decades Portside at East Pier is Open". East Boston Times Free Press.
  24. ^ "Roseland And Massport Celebrate Opening Of Portside at East Pier Building 7" (Press release). PR Newswire. November 13, 2014. Archived from the original on November 9, 2020. Retrieved March 20, 2020.
  25. ^ "Mack-Cali Names Mitch Rudin CEO, Mike DeMarco President". Commercial Real Estate Direct. Archived from the original on 2016-04-27. Retrieved 2016-04-14.
  26. ^ Brenzel, Kathryn (September 11, 2015). "Big win for Jersey City: Mack Cali to move headquarters as it zeroes in on Gold Coast". NJ.com. Archived from the original on April 23, 2019. Retrieved April 23, 2019.
  27. ^ "Mack-Cali Appoints MaryAnne Gilmartin Board Chair". ROI-NJ. June 15, 2020. Archived from the original on June 6, 2024. Retrieved June 6, 2024.
  28. ^ a b Burd, Joshua (March 3, 2021). "Mack-Cali names new CEO, as Gilmartin steps down as board chair". Real Estate New Jersey. Archived from the original on June 6, 2024. Retrieved June 6, 2024.
  29. ^ "Mack-Cali Becomes Veris Residential". PRNewswire. December 7, 2021. Archived from the original on December 14, 2021. Retrieved December 14, 2021.
  30. ^ Matsuda, Akiko (December 7, 2021). "Mack-Cali names new CEO, as Gilmartin steps down as board chair". The Real Deal. Archived from the original on June 6, 2024. Retrieved June 6, 2024.
  31. ^ "Veris Completes $420M Sale of Harborside 1, 2, & 3 in Jersey City". New Jersey Business Magazine. Retrieved 2024-08-22.
  32. ^ Rogers, Jack (February 27, 2024). "Veris Completes Transition to Pure-Play Multifamily REIT". GlobeSt. Archived from the original on August 22, 2024. Retrieved June 6, 2024.
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