JERSEY CITY, N.J., Dec. 19, 2019 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE:CLI) today announced that the Board of Directors of the Company, at its regularly scheduled meeting held on December 17, 2019, received the report and recommendations of the Shareholder Value Committee and its financial advisors regarding the Company's strategic direction and alternatives for maximizing stockholder value. As previously announced, the Mack-Cali Board formed the Shareholder Value Committee comprised of four independent directors following the Company's 2019 Annual Meeting of Stockholders to review the Company's strategic direction and make a recommendation to the full Board. Goldman Sachs & Co. LLC served as financial advisor to the Shareholder Value Committee.
Mack-Cali also announced that, based on the recommendations of the Shareholder Value Committee, the Board has determined to sell the Company's entire suburban office portfolio totaling approximately 6.6 million square feet of office space. As the first step of the Company's plan to sell its suburban office assets, the Board has approved the sale of two suburban office portfolios consisting of approximately 2.4 million square feet of office space located in Parsippany, New Jersey and Madison, New Jersey, or approximately 36% of the square footage of the Company's suburban holdings, to Onyx Equities, LLC in partnership with Taconic Capital Advisors, L.P. and Axonic Capital LLC, for an aggregate purchase price of approximately $285 million in cash and approximately $3.5 million of assumed lease obligations. The Company plans to use the available sales proceeds to pay down its corporate-level, unsecured indebtedness.