Mack-Cali Realty Corporation to Develop Denver Office Property
10/13/1999 Category: Leasing and Development
Company Secures Commitment for Approximately Half of Space from URS Greiner Woodward Clyde
CRANFORD, NJ--October 13, 1999--Mack-Cali Realty Corporation (NYSE:CLI) today announced that it will construct a 183,000 square-foot class A office property at Denver Tech Center in Denver, Colorado. URS Greiner Woodward Clyde, a global engineering and applied science organization (NYSE:URS), has signed a 10-year lease for 90,000 square feet, or approximately half, of the six-story building.
Total costs for the project, which will also include four stories of underground parking, are estimated to be $34 million. The expected completion date of the building is first quarter, 2001.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "We are pleased that our relationship with URS, a current Mack-Cali tenant in New Jersey, has created an opportunity to further service its needs in other markets. This opportunity falls perfectly in line with a number of Mack-Cali strategies for growth: development with significant pre-leasing, leveraging our relationships with existing tenants to service their needs across geographies, and entering into opportunistic transactions which offer strong yields in familiar non-core markets," Hersh continued.
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.