Mack-Cali Announces Five-Year 300,378 Square-Foot Lease Renewal with Nabisco, Inc. at Parsippany Property
11/03/1999 Category: Leasing and Development
CRANFORD, NJ--November 3, 1999--Mack-Cali Realty Corporation (NYSE:CLI) today announced it has signed a five-year lease renewal with Nabisco, Inc. for 300,378 square feet at Mack-Cali Business Campus in Parsippany, New Jersey.
Nabisco occupies all of 7 Campus Drive and 7 Sylvan Way in the class A, 860,000 square-foot office park, which is currently 98% leased.
"We are pleased to service the real estate needs of corporate America's leading companies such as Nabisco," commented Mitchell E. Hersh, chief executive officer of Mack-Cali. "This 300,000+ square-foot lease renewal also adds significantly to the long-term stability of this premier business campus."
Nabisco, Inc. is a major international manufacturer of biscuits, snacks, and premium grocery products. Nabisco markets products in the United States, Canada and more than 85 other countries around the world.
Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 256 properties, primarily office and office/flex buildings, totaling approximately 28.4 million square feet, located in 12 states and the District of Columbia. The properties, which are primarily located in the Northeast, enable the Company to provide a full complement of real estate opportunities to its diverse base of over 2,400 tenants.
Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.
Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities law. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office, office/flex and industrial/warehouse properties; interest rate levels; the availability of financing; and other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors which could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, and annual reports on Form 10-K.