Mack-Cali Breaks Ground for Office/Flex Property in Westchester
12/21/2001 Category: Leasing and Development
--Company to Develop Property for Two Tenants--
Cranford, New Jersey—December 21, 2001—Mack-Cali Realty Corporation (NYSE: CLI) recently broke ground on a 33,000 square-foot office/flex property in Westchester County, New York, that will accommodate the expansion needs of two of its tenants. The building will be located at 125 Clearbrook Road in Mack-Cali's Cross-Westchester Executive Park in Elmsford, New York.
Two leases have been signed to fully pre-lease the new building:
· ADT Security Systems, a wholly-owned subsidiary of Tyco International and a manufacturer of security and alarm systems, has leased 18,000 square feet of space for 10 years; and
· Ademco Distribution, Inc., a subsidiary of Honeywell, Inc. and a manufacturer of security and alarm products, has leased 15,000 square feet of space for 10 years.
Attending the groundbreaking ceremony were Town of Greenburgh Supervisor Paul Feiner, Village of Elmsford Mayor Arthur DeAngelis, and representatives of ADT, Ademco and Mack-Cali.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "We're pleased to be able to accommodate the expansion needs of our tenants while also building on our strong presence in this important Northeast market."
The project is expected to be completed in the second quarter of 2002 at an estimated cost of $5.2 million.
ADT Security Systems, which will use its space for offices, assembly and distribution, was represented by Mark Spillane of Spillane & Co.; and Ademco Distribution, which will use its space for offices, showrooms and distribution, was represented by Neal Schorr of Rothwood Real Estate Services, Inc.
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 268 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.5 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 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.