Company type | Public company |
---|---|
NYSE: VRE S&P 600 component | |
Industry | Real estate investment trust |
Founded | 1997 |
Headquarters | Jersey City, New Jersey, U.S. |
Area served | Northeast |
Key people | Mahbod Nia, (CEO) [1] Amanda Lombard, CFO |
Services | Property management |
Revenue | US$355 million (2022) |
-US$52 million (2022) | |
Total assets | US$3.920 billion (2022) |
Total equity | US$1.399 billion (2022) |
Number of employees | 215 (2022) |
Website | verisresidential |
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.
Notable investments owned by the company include:
The company was founded in 1949 as Cali Associates by John J. Cali, Angelo R. Cali, and Edward Leshowitz. [5] [6]
In the 1950s, Cali Associates was a developer of single family homes in northern New Jersey. [7]
In 1969, the company completed construction of its first office building, 14 Commerce Drive, in Cranford Business Park, Cranford, New Jersey. [7]
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. [7]
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. [8]
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. [9] In 2019, Robert Martin re-acquired most of the portfolio from Mack-Cali for $487.5 million. [10]
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. [11]
Mitchell E. Hersh became a member of the board of directors in 1997. He became the chief executive officer (CEO) in 1999. [12] In 2004, he became president of the company in addition to its CEO. [13]
In 1998, the company acquired $450 million worth of office properties, which boosted its holdings by 12%. [14] It also bought properties in Washington D.C. and Maryland [15] and properties in the Southwest. [16]
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. [17]
In 2012, the company acquired Roseland Partners, a property developer in New Jersey, for $134.6 million. [18] It was developing the $120 million RiverTrace waterfront tower at Port Imperial, which was completed in October 2013. [19]
In 2013, the company sold 19 Skyline Drive for $17.5 million. [20]
In November 2014, Roseland opened Portside at East Pier in East Boston. [21] [22] The second phase, which includes 550 luxury residences and 70,000 square feet of retail space, opened in 2018. [23]
In 2015, Mitchell E. Rudin became CEO and Michael J. DeMarco became the company's president and chief operating officer. [24] The same year, the company moved its headquarters to Jersey City. [25]
In December 2021, the company changed its name to Veris Residential, Inc. [26]
Brookfield Properties is a North American subsidiary of commercial real estate company Brookfield Property Partners, which itself is a subsidiary of alternative asset management company Brookfield Asset Management. It is responsible for the asset management of the company's real estate portfolio, including office, multi-family residential, retail, hospitality, and logistics buildings. Brookfield Properties acquired General Growth Properties, one of the largest mall operators in the U.S., and merged it into Brookfield Properties in 2018.
Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. Worldwide, it owns interests in 232 properties as of 2021.
Vornado Realty Trust is a real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
Forest City Realty Trust, Inc., formerly Forest City Enterprises, was a real estate investment trust that invested in office buildings, shopping centers and apartments in Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington, D.C. The company was organized in Maryland with its headquarters in Cleveland, Ohio. As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes. On December 7, 2018, the company was acquired by Brookfield Asset Management.
Sumitomo Realty & Development Co., Ltd. is a Japanese real estate development company headquartered in Shinjuku, Tokyo. It is a member of the Sumitomo Group.
Brandywine Realty Trust is a Philadelphia-based real estate investment trust that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
One Lincoln Street, also known as State Street Financial Center, is a skyscraper in Boston, Massachusetts on the edge of both the Financial District and neighborhood of Chinatown. Completed in 2003, it was built using Boston Redevelopment Authority (BRA) guidelines. Standing at 503 feet tall, One Lincoln Street is the 21st-tallest building in Boston. The skyscraper has a five-level underground garage that provides parking for 900 cars. It contains 1 million square feet of office space.
Gale International is a privately owned real estate development company based in New York City. With roots dating back to 1922, the company is active in North America and Asia, specializing in city-scale, commercial, mixed-use, and golf course developments.
Harborside is a mixed-use residential, retail, and office complex in the Exchange Place district of Jersey City, New Jersey located on the Hudson Waterfront. The majority of the buildings were originally owned and managed by Veris Residential, however many of the buildings were sold to other companies, including Harborside Plaza 1, 2, 3, 4, 5, 6, and 10. The complex contains some of the tallest buildings in Jersey City.
SL Green Realty Corp. is a real estate investment trust that primarily invests in office buildings and shopping centers in New York City. As of December 31, 2019, the company owned 43 properties comprising 14,438,964 square feet, and is reported to be "New York City’s largest office landlord".
NNN Reit, Inc. is a real estate investment trust that invests primarily in high-quality properties that are subject to long-term NNN leases. It is organized in Maryland with its principal office in Orlando, Florida.
Prologis, Inc. is a real estate investment trust headquartered in San Francisco, California that invests in logistics facilities. The company was formed through the merger of AMB Property Corporation and Prologis in June 2011, which made Prologis the largest industrial real estate company in the world. As of December 2022, the company owned 5,495 buildings comprising about 1.2 billion square feet in 19 countries across North America, Latin America, Europe, and Asia. According to The Economist, its business strategy is focused on warehouses that are located close to huge urban areas where land is scarce. It serves about 6,600 tenants. Prologis began to expand its non-real estate business, Essentials, in 2022, offering customers solar power, racking systems, forklifts, generators, EV charging infrastructure, and other logistics tech equipment for purchase.
John J. Cali was an American businessman, real estate developer, and philanthropist.
Hyman Bert Mack was an American real estate developer, founder of the Mack Company, and patriarch of the Mack family.
RXR Realty is a vertically integrated real estate and infrastructure owner, investor, operator, and developer headquartered in New York City. The firm’s portfolio of commercial, residential, multifamily, infrastructure, and logistics projects includes 91 commercial real estate properties and investments held across the country as of 2023. RXR is a privately held company that employs around 450 professionals with experience in operations, real estate development, construction, investment, and asset management.
DuPont Fabros Technology, Inc. (DFT) was a real estate investment trust that invested in carrier-neutral data centers and provided colocation and peering services. In 2017, the company was acquired by Digital Realty.
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
Duke Realty was a real estate investment trust (REIT) based in Indianapolis, Indiana, that invested in industrial properties. As of December 31, 2021, it owned or jointly controlled 548 primarily industrial properties containing 162.7 million rentable square feet. In October 2022, it was acquired by Prologis.
Jersey City Urby is a residential tower complex in downtown Jersey City, New Jersey, United States, known for its Jenga-like appearance. The first tower was proposed in 2012 as URL Harborside, and later renamed to Jersey City Urby. The construction of the first tower began in 2014, and completed in 2017. At 700 feet (210 m), the 69-story tower is the fourth tallest building in New Jersey, as well as in Jersey City as of May 2024. It overtook Ocean Resort Casino in Atlantic City for the title of second place when it was completed, but moved down to fourth after the constructions of 99 Hudson Street and Journal Squared Tower 2 respectively. The company, Urby, also has five other locations such as Staten Island, Stamford, Dallas, Newark, and Harrison.