Cali Realty Corporation Announces Groundbreaking at Commercenter in Totowa, N.J.
07/08/1996 Category: Leasing and Development
CRANFORD, NJ--July 8, 1996--Cali Realty Corporation (NYSE: CLI) recently announced the groundbreaking of two new office/flex buildings totaling more than 47,000 square feet at its Commercenter Business Park in Totowa, New Jersey.
The Company began construction in June on 80 Commerce Way, a 22,516-square-foot office/flex building, and 100 Commerce Way, a 24,629-square-foot office/flex building. Both buildings are single story. The properties are due for completion November 1, 1996 and January 1, 1997, respectively.
With the addition of 80 and 100 Commerce Way, Commercenter will now consist of 10 buildings, totaling almost 430,000 square feet. The occupancy of the existing eight buildings at Commercenter, in Passaic County, is currently 100%. Negotiations are currently underway for preleasing the new buildings, and almost half of 80 Commerce Way is already preleased.
Commenting on the new development, Thomas A. Rizk, Cali's President and Chief Executive Officer, said, "We're developing these two buildings not only to provide new space at this popular business park, but also to meet the expansion needs of existing tenants."
In recent leasing activity, on June 6, the Company leased 22,444 square feet of office space at 65 Jackson Drive, Cranford, N.J., to Allstate Insurance Company for a five-year term. This lease, along with several smaller deals, have increased the occupancy of Cali's portfolio to 97%.
Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing leasing, management, acquisition, development, construction and tenant related services for its portfolio. Upon completion of the Harborside purchase, the Company will own 48 properties, primarily Class A office and office/flex buildings, totaling approximately 6.4 million square feet. All of the properties are located in New Jersey, New York and Pennsylvania.