First Lease Signed on Office Property Developed By Mack-Cali/SJP Joint Venture
06/13/2000 Category: Leasing and Development
KPMG Consulting LLC Leases 38,000 Square Feet at Liberty Corner Corporate Center
Cranford, New Jersey—June 13, 2000--Mack-Cali Realty Corporation (NYSE: CLI) and SJP Properties announced today the signing of a lease with KPMG Consulting LLC for 38,000 square feet at Liberty Corner Corporate Center in Somerset County, New Jersey.
Liberty Corner Corporate Center is a 135,000 square-foot class A office facility that was recently constructed by a joint venture between Cranford, New Jersey-based Mack-Cali and Parsippany, New Jersey-based SJP Properties.
KPMG Consulting's Broadband Solution Center will occupy an entire floor of the four-story building when it takes occupancy in September.
"This new facility was developed to meet the growing demand for high-quality office space in the central, I-78 corridor real estate market," commented Mitchell E. Hersh, chief executive officer of Mack-Cali Realty Corporation. "We are very pleased to welcome this prestigious tenant to this new, state-of-the-art building," he added.
"Liberty Corner Corporate Center is the perfect site for our Broadband Solution Center," said Chris Gallo, national director of real estate for KPMG. "This new facility will support our operation in central New Jersey, so that we can provide the consulting and business services that our customers need to remain competitive in this technological age."
Liberty Corner Corporate Center is located at 106 Allen Road in Bernards Township, set on a 10-acre wooded site. The property features a facade of solar-insulated tinted glass, brick and cast stone, a two-story central atrium, a full service cafeteria, and a seminar facility. The building incorporates state-of-the-art mechanical, electrical, telecommunications and HVAC systems.
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 265 properties, primarily office and office/flex buildings, totaling approximately 28.2 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 http://www.mack-cali.com.
SJP Properties is a developer, investor, owner and manager of class A corporate campuses and also specializes in developing build-to-suit headquarters-quality facilities. The company's client base consists primarily of major multi-national and national tenants with a strong presence in the tri-state region. Based in Parsippany, New Jersey, SJP has an extensive portfolio in the New York, New Jersey and eastern Pennsylvania metropolitan markets. SJP has developed, and currently owns and manages over 10 million square feet of investment-grade commercial office space and maintains an additional 12 million square feet of developable projects. Additional information on SJP Properties can be found on their website at http://www.sjpproperties.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, reports on Form 8-K, and annual reports on Form 10-K.