Charles Schwab & Co. Fully Pre-Leases New Mack-Cali Office Building at Harborside
01/08/2001 Category: Leasing and Development
--Will Occupy Entire 575,000 Square-Foot Office Property on Hudson River Waterfront--
CRANFORD, NEW JERSEY—January 8, 2001—Mack-Cali Realty Corporation (NYSE: CLI) announced today that Charles Schwab & Co. has fully pre-leased Harborside Financial Center Plaza 10, a 575,000 square-foot class A office property being developed by Mack-Cali on the Hudson River waterfront in Jersey City, New Jersey.
Charles Schwab & Co., a leading financial services company, signed a new 15-year lease for 275,000 square feet of space at the building. This lease follows a 300,000 square-foot lease signed by Charles Schwab & Co. in October, 2000. Harborside Plaza 10, which is expected to be completed in early 2002, will be the site of Charles Schwab & Co.'s new expanded East Coast regional headquarters.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "The decision by Charles Schwab & Co. to fully pre-lease Plaza 10 furthers our relationship with this high-caliber tenant and clearly demonstrates the strong appeal of Harborside Financial Center as a major headquarters location on the Hudson River waterfront. We look forward to continuing to develop this significant asset in this top Northeast submarket."
Harborside Financial Center currently consists of 2.1 million square feet of class A office space in four plazas, all of which are 100% leased. In addition to Plaza 10, development projects underway at Harborside include Plaza 5, a 34-story class A office building, a Hyatt Regency hotel on Harborside's South Pier, and luxury residential apartments on the North Pier. The remaining land sites at Harborside are able to accommodate approximately 4.5 million square feet of additional office development.
Harborside Plaza 10 is a joint venture between Mack-Cali and Columbia Development. Insignia/ESG, the exclusive leasing agent for Harborside Plaza 10 and the other remaining towers planned for development at Harborside, represented Mack-Cali and Julien J. Studley represented Charles Schwab & Co. in lease negotiations.
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 267 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.2 million square feet. The properties 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, reports on Form 8-K, and annual reports on Form 10-K.