Veris Residential

Type| Public company

Traded as

| NYSE: VRE
S&P 600 component
Industry| Real estate investment trust
Founded| 1997; 29 years ago (1997)
Headquarters| Jersey City, New Jersey, U.S.

Area served

| New Jersey
New York
Massachusetts
Washington, D.C.

Key people

| Mahbod Nia, (CEO)
Amanda Lombard, CFO
Services| Property management
Revenue|  US$271 million (2024)

Net income

|  -US$23 million (2024)
Total assets|  US$2.982 billion (2024)
Total equity|  US$1.233 billion (2024)

Number of employees

| 188 (2024)
Website| verisresidential.com
Footnotes / references
[1]

Veris Residential, Inc. is an American real estate investment trust headquartered in Jersey City, New Jersey, investing primarily in apartments in New Jersey and Boston.[1]

As of February 2025, it owned or had interests in 22 apartment complexes, three parking/retail properties and land held for development, containing 7,681 apartment units and approximately 56,000 square feet of retail. The company's properties are in New Jersey, New York, Massachusetts, and Washington, D.C. Notable properties owned by the company include The BLVD Collection, Sable, and Haus25.[1]

The company was formerly known as Mack-Cali Realty Corporation.

## History

The company was founded in 1949 as Cali Associates by John J. Cali, Angelo R. Cali, and Edward Leshowitz.[2][3]

In the 1950s, Cali Associates was a developer of single family homes in northern New Jersey. In 1969, the company completed construction of its first office building, 14 Commerce Drive, in Cranford Business Park, Cranford, New Jersey. 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.[4]

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.[5]

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.[6] In 2019, Robert Martin re-acquired most of the portfolio from Mack-Cali for $487.5 million.[7]

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.[8][9]

Mitchell E. Hersh became the chief executive officer (CEO) in 1999. In 2004, he became president of the company in addition to its CEO.[10]

In 1998, the company acquired $450 million worth of office properties, which boosted its holdings by 12%.[11] It also bought properties in Washington, D.C. and Maryland[12] and properties in the Southwest.[13]

In 2000, the company agreed to acquire Prentiss Properties for $976 million in stock, or $2.2 billion including assumed debt, but terminated the deal after failing to get investor approval, paying a $25 million termination fee.[14][15]

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.[16]

In 2012, the company acquired Roseland Partners, a property developer in New Jersey, for $134.6 million.[17] It was developing the $120 million RiverTrace waterfront tower at Port Imperial, which was completed in October 2013.[18]

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

In November 2014, Roseland opened Portside at East Pier in East Boston.[20][21] The second phase, which includes 550 luxury residences and 70,000 square feet of retail space, opened in 2018.[22]

In June 2015, Mitchell E. Rudin became CEO and Michael J. DeMarco became the company's president and chief operating officer.[23][24]

In September 2015, the company moved its headquarters to Jersey City.[25]

In June 2020, MaryAnne Gilmartin was named chairperson.[26]

In March 2021, Mahbod Nia was named CEO of the company.[27][28][29]

In December 2021, the company changed its name to Veris Residential, Inc, reflecting a pivot from office to multifamily residential buildings.[30][31]

In October 2022, Kushner Companies offered to acquire the company for $4.3 billion.[32] However, the offer was rejected.[33]

In April 2023, the company sold Harborside 1, 2, & 3 in Jersey City for $420 million.[34][35]

In February 2024, the company sold its final office property.[36]

In February 2026, a private equity consortium led by Affinius Capital and Vista Hill Partners agreed to acquired Veris Residential for an enterprise value of $3.4 billion.[37]

## References

1. ↑ 1.0 1.1 1.2 "Veris Residential, Inc. 2024 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 24, 2025. https://www.sec.gov/ix?doc=/Archives/edgar/data/0000924901/000092490125000011/vre-20241231.htm.
2. ↑ Hevesi, Dennis (December 15, 2006). "Angelo R. Cali, 91, Founder of Real Estate Trust, Dies". The New York Times. https://www.nytimes.com/2006/12/15/obituaries/15cali.html.
3. ↑ Arnold, Laurence (February 4, 2014). "John Cali, Co-Founder of Mack-Cali Predecessor, Dies at 95". Bloomberg News. https://www.bloomberg.com/news/2014-02-04/john-cali-co-founder-of-half-of-mack-cali-reit-dies-at-95.html.
4. ↑ "Mack-Cali Realty Corporation". Encyclopedia.com. https://www.encyclopedia.com/books/politics-and-business-magazines/mack-cali-realty-corporation.
5. ↑ Deutsch, Claudia H. (September 18, 1994). "Commercial Property/Going Public; A Veteran Realty Company Takes the Market Plunge". The New York Times. https://www.nytimes.com/1994/09/18/realestate/commercial-property-going-public-veteran-realty-company-takes-market-plunge.html.
6. ↑ Holusha, John (February 2, 1997). "Westchester Firm Becoming Part of Jersey REIT". The New York Times. http://www.califutures.com/new-york-times.html.
7. ↑ "Robert Martin Company Acquires $487.5 Million Real Estate Portfolio from Mack-Cali". Paul Hastings. April 19, 2019. https://www.paulhastings.com/news/details/?id=de35eb6c-2334-6428-811c-ff00004cbded.
8. ↑ Garbarine, Rachelle (January 4, 1998). "Commercial Property/Mack-Cali Realty Corporation; From Two Family Firms, a 'Super-Regional REIT'". The New York Times. https://www.nytimes.com/1998/01/04/realestate/commercial-property-mack-cali-realty-corporation-two-family-firms-super-regional.html.
9. ↑ Holusha, John (August 15, 1997). "Cali to Acquire Mack Co.". The New York Times. https://www.nytimes.com/1997/08/15/nyregion/cali-to-acquire-mack-co.html.
10. ↑ Grant, Peter (June 23, 2015). "New Leadership at Mack-Cali Promises Change". The Wall Street Journal. https://www.wsj.com/articles/new-leadership-at-mack-cali-promises-change-1435072838.
11. ↑ "COMPANY NEWS; MACK-CALI REALTY TO EXPAND OFFICE PROPERTY HOLDINGS". The New York Times. Bloomberg News. December 15, 2006. https://www.nytimes.com/1998/03/05/business/company-news-mack-cali-realty-to-expand-office-property-holdings.html.
12. ↑ "Mack-Cali Property Deal". The New York Times. Dow Jones & Company. June 16, 1998. https://www.nytimes.com/1998/06/16/business/mack-cali-property-deal.html.
13. ↑ "COMPANY NEWS; MACK-CALI ADDS SEVERAL NEW PROPERTIES". The New York Times. Bloomberg News. January 14, 1998. https://www.nytimes.com/1998/01/14/business/company-news-mack-cali-realty-adds-several-new-properties.html.
14. ↑ Starkman, Dean (September 22, 2000). "Mack-Cali Terminates Deal To Acquire Prentiss Properties". The Wall Street Journal. https://www.wsj.com/articles/SB969569516963525.
15. ↑ "COMPANY NEWS; MACK-CALI ENDS BID FOR PRENTISS PROPERTIES TRUST". The New York Times. Bloomberg News. September 23, 2000. https://www.nytimes.com/2000/09/23/business/company-news-mack-cali-ends-bid-for-prentiss-properties-trust.html.
16. ↑ "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.
17. ↑ "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.
18. ↑ Martin, Antoinette (November 17, 2011). "A Rising Rental Market in the North". The New York Times. https://www.nytimes.com/2011/11/20/realestate/new-jersey-in-the-region-a-rising-rental-market-in-the-north.html.
19. ↑ "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.
20. ↑ "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.
21. ↑ Lynds, John (November 19, 2014). "After More than Two Decades Portside at East Pier is Open". East Boston Times Free Press. http://eastietimes.com/2014/11/19/after-more-than-two-decades-portside-at-east-pier-is-open/.
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 November 9, 2020. Retrieved March 20, 2020.
23. ↑ Beilfuss, Lisa (June 3, 2015). "Mack-Cali Taps Industry Veteran as New CEO". The Wall Street Journal. https://www.wsj.com/articles/mack-cali-taps-industry-veteran-as-new-ceo-1433340215.
24. ↑ "Mack-Cali Names Mitch Rudin CEO, Mike DeMarco President". Commercial Real Estate Direct. http://www.crenews.com/general_news/general/mack-cali-names-mitch-rudin-ceo-mike-demarco-president.html.
25. ↑ Brenzel, Kathryn (September 11, 2015). "Big win for Jersey City: Mack Cali to move headquarters as it zeroes in on Gold Coast". NJ.com. https://www.nj.com/hudson/2015/09/mack-cali_to_move_headquarters_to_jersey_city_as_i.html.
26. ↑ "Mack-Cali Appoints MaryAnne Gilmartin Board Chair" (Press release). PR Newswire. June 15, 2020.
27. ↑ "Mack-Cali Names Mahbod Nia Chief Executive Officer" (Press release). March 3, 2021. Archived from the original on 2022-03-07.
28. ↑ Burd, Joshua (March 3, 2021). "Mack-Cali names new CEO, as Gilmartin steps down as board chair". Real Estate New Jersey. https://re-nj.com/mack-cali-names-new-ceo-as-gilmartin-steps-down-as-board-chair/.
29. ↑ Miller, Ben (March 3, 2021). "Mack-Cali names Mahbod Nia CEO". American City Business Journals. https://www.bizjournals.com/newyork/news/2021/03/03/mack-cali-names-mahbod-nia-new-ceo.html.
30. ↑ "Mack-Cali Becomes Veris Residential". PRNewswire. December 7, 2021. https://www.prnewswire.com/news-releases/mack-cali-becomes-veris-residential-301439010.html.
31. ↑ Matsuda, Akiko (December 7, 2021). "Mack-Cali names new CEO, as Gilmartin steps down as board chair". The Real Deal. https://therealdeal.com/new-york/tristate/2021/12/07/mack-cali-rebrands-as-veris-residential-signifying-shift-in-focus/.
32. ↑ Grant, Peter (October 20, 2022). "Kushner Cos. Offers to Buy Rival Real Estate Company". The Wall Street Journal. https://www.wsj.com/articles/kushner-cos-offers-to-buy-rival-real-estate-company-11666307424.
33. ↑ Herbst-Bayliss, Svea (November 3, 2022). "Veris Residential rebuffs Kushner Cos $4.3 bln takeover bid-letter". Reuters. https://www.reuters.com/markets/deals/exclusive-veris-residential-rebuffs-kushner-cos-43-bln-takeover-bid-sources-2022-11-03/.
34. ↑ "Veris Residential Completes $420 Million Sale of Harborside 1, 2, and 3" (Press release). PR Newswire. April 5, 2023.
35. ↑ Hallum, Mark (April 6, 2023). "Veris Sells Jersey City Office Buildings for an Unexpected Profit". Observer Media. https://commercialobserver.com/2023/04/veris-sells-jersey-city-office-buildings-for-an-unexpected-profit/.
36. ↑ Rogers, Jack (February 27, 2024). "Veris Completes Transition to Pure-Play Multifamily REIT". GlobeSt.. https://www.globest.com/2024/02/27/veris-completes-transition-to-pure-play-multifamily-reit/.
37. ↑ "Veris Residential to be taken private in $3.4 billion all-cash deal". Reuters. February 23, 2026. https://www.reuters.com/legal/transactional/affiniusled-consortium-buy-veris-residential-34-billion-allcash-deal-2026-02-23/.

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