Investment firm Bow Street, mired in a proxy fight with Mack-Cali Realty (CLI), said on Friday independent proxy advisory firm Institutional Shareholder Services (ISS) has recommended Mack-Cali shareholders to vote for Bow’s three nominees to the board at the shareholders’ meeting on June 12.

“[Bow Street] has presented a compelling case that the replacement of several long-tenured directors with independent nominees…could substantially improve the board’s composition and enhance its ability to evaluate available alternatives in an impartial manner,” ISS said, according to the Bow Street statement.

Bow Street owns about 4.5% of Mack-Cali.

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The advisory firm also said CLI has underperformed its peers over the past three years and is trading at a material discount to its net asset value even as valuations for comparable properties appear to have risen.

“The stock underperformance seems to have primarily been driven by the company’s consistent failure to manage its significant debt load and slower than expected cash flow recovery,” the statement said.

On Wednesday, Mack-Cali Realty said it will form a committee of independent directors to review its strategy, asset portfolio and business opportunities, including a possible sale.

CLI shares were up 2.1% in trading Friday.