Mack-Cali Leases 111,451 Square Feet At Harborside Development In Jersey City
12/27/2001 Category: Leasing and Development
—Lease Signed with Garban Intercapital North America Inc., an ICAP Company and a Former Tenant of the World Trade Center—
Cranford, New Jersey—December 27, 2001—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has signed a 15-year, 111,451 square-foot lease with Garban Intercapital North America Inc. for office space at Harborside Financial Center Plaza 5 in Jersey City, New Jersey.
Harborside Financial Center Plaza 5 is a 34-story, 980,000 square-foot class A office building that is under development and due to be completed in late 2002.
Garban Intercapital North America Inc. is a wholly-owned subsidiary of ICAP plc, the world's largest inter-dealer broker. Garban Intercapital previously occupied space in the World Trade Center and was displaced by the events of September 11. The company will locate its North American headquarters in the new Harborside space. ICAP plc is a public company listed on the London Stock Exchange (symbol IAP).
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "Leading businesses continue to look to Harborside Financial Center as a headquarters location due to its high-quality state-of-the-art office space, attractive cost of occupancy, wealth of amenities and excellent transportation access. We're confident in the success of this project and the entire Harborside complex."
Insignia/ESG represented Mack-Cali and Cushman & Wakefield represented Garban Intercapital in the transaction.
Harborside Financial Center Plaza 5 is 52% pre-leased, with tenants including SunAmerica Asset Management Corp., Forest Labs, and National Financial Services/Fidelity Corporate Real Estate.
Currently, Harborside Financial Center consists of 2.1 million square feet of 100%-leased class A office space in four plazas. In addition to Plaza 5, development projects underway at Harborside include Plaza 10, a 19-story, 575,000 square-foot class A office building that is 100% pre-leased and due to be completed in late 2002; a 350-room Hyatt Regency hotel on Harborside's south pier due to be completed in late 2002; and a 300-unit luxury apartment complex on the north pier due to be completed in 2003. The remaining land sites at Harborside are able to accommodate approximately 5 million square feet of additional office development.
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 28.4 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.