Mack-Cali to Build a 66,000 Square-Foot Warehouse for Clarence House Imports, Ltd.
06/11/1999 Category: Leasing and Development
CRANFORD, NJ--June 11, 1999--Mack-Cali Realty Corporation (NYSE:CLI) today announced it will develop a 66,000 square-foot warehouse building in Stamford, Connecticut for Clarence House Imports, Ltd. The warehouse will be built on land previously purchased by Mack-Cali at 600 West Avenue in Stamford Executive Park, adjacent to existing Mack-Cali properties.
Clarence House Imports, Ltd., one of the world's leading importers of fabrics for home, business and industrial type furnishings, has signed a 15-year lease for the entire building. The building will comprise 60,000 square feet of high-ceiling warehouse space and 6,000 square feet of office space.
Mack-Cali estimates the construction costs of the project to be $3.6 million.
"This build-to-suit project demonstrates our commitment to smart, controlled development as we continue to expand our dominant position in the Northeast marketplace," stated Mitchell E. Hersh, chief executive officer of Mack-Cali.
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 254 properties, primarily office and office/flex buildings, totaling approximately 28.1 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.