Mack-Cali Leases Over 150,000 Square Feet of Space in New Jersey to Four Companies
06/13/2001 Category: Leasing and Development
--Highlights Include Leases with Sankyo Pharma, Inc. and Computer Sciences Corporation--
Cranford, New Jersey—June 13, 2001—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has leased over 150,000 square feet of space at its New Jersey office and office/flex properties to four companies.
Highlights of these transactions include:
- Sankyo Pharma, Inc., a pharmaceutical firm and the U.S. subsidiary of Sankyo Co., Ltd., signed leases for 56,954 square feet of space at Two Hilton Court in the Mack-Cali Business Campus in Parsippany, New Jersey. The leases, which carry an average term of 11 years, represent a 36,435 square-foot expansion of Sankyo Pharma's current space. Two Hilton Court, a 181,592 square-foot class A office property, is 100% leased.
- Computer Sciences Corporation (CSC), a consulting and systems integration firm, leased the entire building at 100 Decadon Drive, a class A office property in Egg Harbor Township, New Jersey. CSC leased 41,600 square feet of space, which included a renewal of its 32,637 square-foot lease for four years and an 8,963 square-foot expansion for five years.
- The State of New Jersey Department of Environmental Protection renewed its 34,810 square-foot lease for 10 years at 300 Horizon Center Drive in Horizon Center Business Park in Hamilton Township, New Jersey. 300 Horizon Center Drive, a 69,780 square-foot office/flex building, is 100% leased.
- Yardville National Bank signed a new 15-year lease for 17,435 square feet of space at 500 Horizon Center Drive at Horizon Center Business Park in Hamilton Township, New Jersey. 500 Horizon Center Drive, a 41,205 square-foot office/flex property, is 100% leased.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "These transactions are clear demonstrations of our ability to serve the evolving space needs of our tenants, as well as the diversity and quality of our tenant base."
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 272 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.8 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, current reports on Form 8-K, and annual reports on Form 10-K.