Advanced Casino Systems Signs Lease at Cali's Expressway Corporate Center
07/09/1997 Category: Leasing and Development
CRANFORD, NJ--July 9,1997--Cali Realty Corporation (NYSE:CLI) today announced that Advanced Casino Systems Corporation, an affiliate of the Sands Hotel and Casino, has signed a long-term lease for approximately 10,000 square feet at Expressway Corporate Center in Egg Harbor Township, New Jersey.
Advanced Casino will occupy the entire first floor west wing of 200 Decadon Drive, a two-story, 40,000 square-foot class A office building. AWe chose Expressway Corporate Center because the building offers outstanding accessibility to the Atlantic City Expressway and Garden State Parkway, as well as for its close proximity to the U.S. Bulk Post Office facility, commented Larry Cole, President of Advanced Casino Systems. Cole said Advanced Casino will use the space to develop casino-related computer software.
Jim Nugent, Vice President-Leasing for Cali, commented, AWe welcome Advanced Casino Systems and look forward to future associations with other casino companies who recognize the convenience of being situated just minutes from the heart of Atlantic City.
The Advanced Casino lease will increase the building's occupancy to 100%. Nugent added that several build-to suit sites are available on 50 acres that remain for development within the Expressway Center.
Advanced Casino was introduced to the property by Frankel Real Estate and Vanguard Properties, Commercial Division. Lease negotiations were conducted through Fred Kraus, Vice President of Corporate Counsel for Sands Hotel and Casino. Cali Realty Corporation represented itself, with Brian Banaszynski, Director of Leasing, conducting negotiations.
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. Cali owns 127 properties, primarily office and office/flex buildings, totaling 11.8 million square feet. All of the properties are located in New Jersey, New York, Pennsylvania and Connecticut. Further information on Cali Realty Corporation is available at the company's Internet site at http://www.calirealty.com.