Mack-Cali Leases 95,000 Square Feet in San Francisco Office Property
09/30/1999 Category: Leasing and Development
Lease with Cendant Corporation's Rent Net, Inc., Increases Occupancy of 795 Folsom Street from 34% to 86%
CRANFORD, NJ--September 30, 1999--Mack-Cali Realty Corporation (NYSE:CLI) today announced that it has leased three floors totaling 95,000 square feet of office space at its 795 Folsom Street property in San Francisco to Rent Net, Inc., an Internet-based rental and relocation guide wholly-owned by Cendant Corporation. Rent Net, Inc. will use the space as its corporate headquarters and will take occupancy this fall.
The Rent Net lease brings the occupancy of 795 Folsom Street, which was acquired in June from AT&T in a corporate sale- leaseback transaction, from 34% to 86%. AT&T leases two floors of the six-story, 184,000 square-foot class A office property, and the remaining floor is currently under negotiation with other prospective tenants. The building is located in the Yerba Buena submarket, across from the Moscone Convention Center.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "We are pleased to broaden our relationship with Cendant through its fast-growing subsidiary, Rent Net." Hersh added, "This transaction not only showcases our ability to service our tenants' needs in multiple geographic markets, but also our ability to maximize the potential of our recently acquired Folsom Street property as we rapidly move closer to full occupancy."
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 255 properties, primarily office and office/flex buildings, totaling approximately 28.3 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.