Mack-Cali Realty Corp. (NYSE: CLI) announced its rebranding to Veris Residential, Inc. (NYSE: VRE), reflecting the company’s new strategic direction and corporate values as it transitions into a pure-play multifamily REIT and seeks to generate long-term shareholder value.
Veris Residential said that over the past several months the company had made significant progress in achieving its strategic objectives of simplifying its business, strengthening its balance sheet, and enhancing its operational platform.
As a result, the company said it is now “less than a handful of office assets away” from transitioning into a pure-play multifamily company in growth markets across the Northeast, building upon the strong leasing momentum of its residential portfolio.
CEO Mahbod Nia said the new brand “encapsulates our responsible, transparent, and forward-thinking approach, underpinned by a unified culture grounded in equality and meritocratic empowerment.”