40 Park Developer Acquired by Mack-Cali
Roseland Property Co. partner foresees 'no discernible difference' in operations because of being bought by commercial real-estate giant.
Commercial real estate giant Mack-Cali announced Tuesday it would be acquiring Roseland Partners, whose Roseland Property Co. owns and manages residential properties in several states, including 40 Park and The Highlands at Morristown Station in Morristown.
The deal, estimated to be worth about $135 million, will see Roseland's principals Marshall Tycher, Brad Klatt and Carl Goldberg serve as co-presidents of newly-formed Roseland Management Services, while Edison-based Mack-Cali's President and Chief Operating Officer Mitchell E. Hersh will assume the role of Chairman and Chief Executive of Roseland Management Services. The deal is expected to be completed by early fourth quarter 2012.
Roseland Managing Partner Carl Goldberg said there would be "no discernible difference" in regard to how day-to-day operations are run at Roseland's properties, which also include The Highlands at Morris Plains, Vail Mansion, The Metropolitan at 40 Park and Morris Crossing, located on the Morristown/Morris Township border off Speedwell Avenue.
Besides Morristown and Morris Plains, Roseland owns and manages properties primarily throughout north New Jersey, including in Weehawken, Livingston, West New York and Seacaucas, as well as a few properties in New York, Massachusetts and Virginia.
"Although we’ll be part of the Mack-Cali group, leadership and continuity will stay in place," he said. "I cannot suggest there will be any meaningful difference in Morristown whether in the community or in the government other than the letterhead will be different."
Hersh said, “The acquisition of Roseland is a fundamental step in a strategic diversification for Mack-Cali wherein multi-family residential will be a key component of our growth strategy. ... Roseland has had a long track record of multi-family value creation and capital growth achievement. This will enhance our opportunities to deploy capital across a strategically positioned portfolio with an integrated platform to address all elements of the real estate development process."