Veris Residential
Veris Residential is a United States real estate company focused primarily on multifamily apartment communities in the Northeast.
Last updated August 25, 2026
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Overview
Veris Residential, Inc. is a United States real estate company headquartered in Jersey City, New Jersey. Its principal business is the ownership, investment, development, and operation of multifamily residential properties, particularly apartment communities in New Jersey and the Boston area. The company’s portfolio has also included properties in New York and Washington, D.C., together with parking, retail, and land held for future development. The company is associated with residential properties including The BLVD Collection, Sable, Haus25, and Portside at East Pier. The enterprise began in 1949 as Cali Associates, founded by John J. Cali, Angelo R. Cali, and Edward Leshowitz. During its first decades it developed single-family homes in northern New Jersey and later expanded into commercial real estate. In 1969, it completed its first office building, 14 Commerce Drive in Cranford Business Park, New Jersey. During the 1970s and 1980s, the business benefited from population growth and expanding commerce in New Jersey, developing approximately 2.2 million square feet of Class A office space. Cali Associates became a public company in August 1994 through an initial public offering and adopted the name Cali Realty Corporation. The company expanded through acquisitions, including the 1997 purchase of the Robert Martin Company. Later in 1997, Cali Realty completed a large merger with Patriot American Office Group and the Mack Company. Following that transaction, it became Mack-Cali Realty Corporation, a name it retained for many years. The company subsequently acquired additional office assets and real estate businesses, including the Gale Company in 2006 and Roseland Partners in 2012. Roseland strengthened the company’s development capabilities in New Jersey and supported its expansion into large-scale residential projects. The company’s strategic direction changed materially in the 2020s. After years of operating a substantial office portfolio, it increasingly emphasized multifamily housing and residential development. In December 2021, it changed its name to Veris Residential, reflecting the repositioning of the business toward apartment communities and away from its historical office-centered identity. The company later disposed of major office assets, including Harborside 1, 2, and 3 in Jersey City in April 2023, and sold its final office property in February 2024. According to the referenced company description, Veris Residential owned 22 apartment complexes, three parking or retail properties, and development land, representing 7,681 apartment units and approximately 56,000 square feet of retail space. In May 2026, a private-equity consortium led by Affinius Capital and Vista Hill Partners acquired the company for an enterprise value of $3.4 billion, according to the supplied reference material. As a result, the company’s ownership and public-market status changed from that of a publicly traded real estate investment company to an enterprise owned by private investment firms. The company’s present operating status and post-acquisition corporate structure should be verified against current primary sources.
History
Veris Residential traces its origins to Cali Associates, established in 1949 by John J. Cali, Angelo R. Cali, and Edward Leshowitz. The original business developed single-family homes in northern New Jersey during the 1950s. It entered commercial real estate in 1969 when it completed 14 Commerce Drive at Cranford Business Park in Cranford, New Jersey. During the 1970s and 1980s, the company expanded its office development activities, producing approximately 2.2 million square feet of Class A office space as New Jersey’s population and commercial economy grew. In August 1994, Cali Associates became publicly traded through an initial public offering and changed its name to Cali Realty Corporation. Its expansion continued through acquisitions. In 1997, the company acquired the Robert Martin Company for cash, operating-partnership units, and assumed debt. The transaction added 65 properties and approximately 4.1 million square feet, mainly in Westchester County, New York, and Connecticut. In December of the same year, Cali Realty completed a $1.2 billion merger with Patriot American Office Group and the Mack Company. The combined enterprise adopted the name Mack-Cali Realty Corporation. The Mack Company had been founded by H. Bert Mack and operated by his sons Earle I. Mack, William L. Mack, Fredric H. Mack, and David S. Mack. The company continued building its office platform in the late 1990s. In 1998, it acquired approximately $450 million of office properties, increasing its holdings by about 12%, and added assets in Washington, D.C., Maryland, and the Southwest. In 2000, it agreed to acquire Prentiss Properties in a stock transaction valued at $976 million, or approximately $2.2 billion including assumed debt. The transaction was terminated after it failed to receive investor approval, and the company paid a $25 million termination fee. In 2006, the company acquired the Gale Company, a New Jersey real estate firm with approximately 2.8 million square feet of office buildings. Mitchell E. Hersh became chief executive officer in 1999 and added the presidency in 2004. The company later broadened its development platform. In 2012, it acquired Roseland Partners for $134.6 million. Roseland was developing the RiverTrace waterfront tower at Port Imperial, a project described as having a $120 million development cost and completed in October 2013. The company also sold 19 Skyline Drive in 2013. Residential development became increasingly significant, including the opening of Portside at East Pier in East Boston in November 2014 and a later phase containing 550 luxury residences and 70,000 square feet of retail space in 2018. Leadership changed in 2015, when Mitchell E. Rudin became chief executive officer and Michael J. DeMarco became president and chief operating officer. The company moved its headquarters to Jersey City in September of that year. MaryAnne Gilmartin was named chairperson in June 2020, and Mahbod Nia became chief executive officer in March 2021. The defining strategic transition occurred in the early 2020s. In December 2021, Mack-Cali Realty Corporation changed its name to Veris Residential, Inc. The new identity represented a shift away from the company’s historical office focus and toward multifamily residential buildings. The company subsequently continued reducing its office exposure. In October 2022, it rejected a $4.3 billion acquisition proposal from Kushner Companies. In April 2023, it sold Harborside 1, 2, and 3 in Jersey City for $420 million, and in February 2024 it sold its last office property. The referenced description identifies a portfolio of 22 apartment complexes, three parking or retail properties, and land held for development. Together these assets contained 7,681 apartment units and approximately 56,000 square feet of retail. The portfolio was concentrated in New Jersey and Boston, with additional properties in New York and Washington, D.C. In May 2026, Affinius Capital and Vista Hill Partners led a private-equity consortium that acquired the company for an enterprise value of $3.4 billion. This transaction marked a further ownership transition from public real estate company to private investment ownership. Details of the company’s post-2026 structure and operating portfolio require confirmation from current company or transaction sources.
- 2026
Private acquisition
[1]Affinius Capital and Vista Hill Partners lead an acquisition reported at a $3.4 billion enterprise value.
- 2024
Exit from office ownership
[1]Veris Residential sells its final office property.
- 2023
Harborside properties are sold
[1]The company sells Harborside 1, 2, and 3 in Jersey City for $420 million.
- 2021
Company becomes Veris Residential
[1]The company changes its name from Mack-Cali Realty Corporation to Veris Residential, signaling a multifamily-focused strategy.
- 2014
Portside at East Pier opens
[1]Roseland opens the first phase of the East Boston residential development.
- 2012
Roseland Partners acquisition
[1]The company acquires New Jersey developer Roseland Partners, expanding its residential development capabilities.
- 1997
Robert Martin acquisition
[1]The acquisition adds 65 properties and approximately 4.1 million square feet to the portfolio.
- 1997
Mack-Cali is formed
[1]A merger with Patriot American Office Group and the Mack Company leads to the Mack-Cali Realty name.
- 1994
Initial public offering
[1]Cali Associates becomes publicly traded and changes its name to Cali Realty Corporation.
- 1969
First office building is completed
[1]The company completes 14 Commerce Drive at Cranford Business Park in Cranford, New Jersey.
Products and positioning
A Northeast-focused multifamily real estate owner, developer, and operator repositioned around apartment living, urban residential communities, and related retail and parking assets.
Residential real estate
Multifamily apartment communities
The company’s core offering is a portfolio of apartment communities in the Northeast United States. These properties are owned, operated, or developed as income-producing residential real estate and include urban and waterfront communities. The referenced portfolio comprised 22 apartment complexes and 7,681 units, with principal exposure to New Jersey and Boston and additional properties in New York and Washington, D.C.
Apartment community
The BLVD Collection
The BLVD Collection is identified as one of Veris Residential’s notable apartment property groups. It represents the company’s multifamily residential positioning and forms part of its portfolio of professionally operated apartment communities.
Apartment community
Sable
Sable is one of the residential properties identified in the company’s portfolio. Publicly supplied reference material names the property but does not provide enough detail here to describe its amenities, location-specific proposition, or launch date without speculation.
Apartment community
Haus25
Haus25 is a notable Veris Residential apartment property. It is part of the company’s multifamily-focused portfolio, although the supplied reference material does not provide further verified product-level details.
Residential development · 2014
Portside at East Pier
Portside at East Pier is a residential development in East Boston associated with Roseland and Veris Residential. Its first phase opened in November 2014, while a later phase opened in 2018 and included 550 luxury residences and 70,000 square feet of retail space.
Commercial real estate
Parking and retail properties
In addition to apartment communities, the company has owned parking and retail assets connected with its residential real estate platform. The referenced portfolio description identifies three parking or retail properties and approximately 56,000 square feet of retail space.
Brand decisions
2026
Acquisition by Affinius Capital and Vista Hill PartnersM&ABackground
After transitioning toward multifamily residential real estate and exiting office ownership, the company became the subject of a private-equity acquisition.
Action taken
A consortium led by Affinius Capital and Vista Hill Partners acquired Veris Residential.
Aftermath
The company moved from public ownership to private investment ownership. Its post-acquisition governance and operating structure require further verification.
Enterprise value. $3.4 billion (May 2026)
2023
Sale of Harborside 1, 2, and 3StrategyBackground
The sale formed part of the company’s reduction of office exposure after its residential repositioning.
Action taken
Veris Residential sold the three Jersey City Harborside properties.
Aftermath
The transaction preceded the sale of the company’s final office property in February 2024.
Sale price. $420 million (April 2023)
2022
Rejection of Kushner Companies acquisition proposalM&ABackground
Kushner Companies proposed acquiring Veris Residential in a transaction valued at $4.3 billion.
Action taken
Veris Residential rejected the offer.
Aftermath
The company remained independent until the later private acquisition described in the supplied reference material.
Proposed acquisition value. $4.3 billion (October 2022 proposal)
2021
Repositioning toward multifamily residential real estateStrategyBackground
The company had historically operated a substantial office portfolio but was placing greater emphasis on apartment ownership and residential development.
Action taken
It changed its corporate name from Mack-Cali Realty Corporation to Veris Residential, Inc. in December 2021 and aligned its public identity with a multifamily-focused strategy.
Aftermath
The company continued disposing of office properties, including the Harborside assets in 2023 and its final office property in 2024.
Recent events
- Unconfirmed
The Birch Group announced its acquisition of a four-building Short Hills portfolio[2]
The Birch Group announced the $255 million acquisition of a four-building, 843,300-square-foot office portfolio in Short Hills, New Jersey. The source reports the acquisition announcement, not a separately dated completion.
Mack-Cali sells interests in two residential properties[3]
Reported:
Mack-Cali announced the sale of its interests in Riverwatch Commons in New Brunswick, New Jersey, and Crystal House Apartments in Arlington, Virginia.
Mack-Cali disposes of 7 Campus Drive office building[4]
Reported:
Mack-Cali Realty Corporation announced the disposition of its 154,820-square-foot office building at 7 Campus Drive in Parsippany, New Jersey, to Birch Group for approximately $12.75 million.
Sources4 sources
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