Mack-Cali Realty Corp. President Michael J. DeMarco has assumed the CEO title held for nearly two years by Mitchell E. Rudin, who moves to the newly created vice chairman’s post at the Jersey City-based real estate investment trust.
Mack-Cali in today’s announcement said Marshall Tycher will continue as chairman of Roseland Residential Trust, Mack-Cali’s subsidiary in multifamily development with a focus on the Hudson River waterfront and transit-oriented markets.
Rudin and DeMarco in June 2015 were named CEO and president and chief operating officer, respectively, to succeed Mitchell E. Hersh, Mack-Cali’s president and CEO for more than 15 years. Rudin previously headed U.S. commercial operations at Brookfield Office Properties and formerly was president and CEO of the New York tristate region for CBRE Inc.
DeMarco joined Mack-Cali from Cantor Commercial Real Estate Co., where he was chief investment officer, and previously was executive vice president at Vornado Realty Trust and a managing director at Lehman Brothers Holdings Inc. and Fortress Investment Group.
DeMarco in the announcement said Mack-Cali, after two years under his and Rudin’s leadership, “is well positioned to continue its strategic evolution.” As CEO, Demarco said he will assume “the day-to-day leadership of the business” while Rudin, “my partner,” in the new position of vice chairman will “continue his valuable role in the transformation of the company.”
DeMarco said he, Rudin and Tycher “couldn’t be more confident in the direction of the company, our revitalized culture and our improving operations and balance sheet.”