Previously president and COO, DeMarco will assume the day to day leadership of the company in partnership with the board. He will be assisted by Rudin, who is entering a newly-created position.
DeMarco joined Mack-Cali as president and COO in 2015. Prior to joining the company, he was chief investment officer at Cantor Commercial Real Estate, as well as executive vice president at Vornado Realty Trust.
Rudin joined Mack-Cali as CEO in 2015. Previously, he was president and chief executive officer of US commercial operations at Brookfield Office Properties, and before this he was president of brokerage services at CBRE.
DeMarco said: “[We] are extremely enthused by the success of our transformation thus far and by the opportunities to continue to grow our dual, office and multi-family platform focused on the Hudson River Waterfront and transit-based markets.”
He added: “We couldn’t be more confident in the direction of the company, our revitalised culture, and our improving operations and balance sheet.”