Mack-Cali Leases Over 153,000 Square Feet in Suburban Philadelphia and Southern New Jersey Portfolio in Second Quarter
08/16/2001 Category: Leasing and Development
Cranford, New Jersey—August 16, 2001—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed over 153,000 square feet of leasing transactions at its suburban Philadelphia and southern New Jersey office and office/flex properties during the second quarter of 2001.
Highlights of these transactions include:
- Weiler Labeling Systems, LLC., a manufacturer of labeling equipment, signed a new lease for 31,825 square feet for a term of five years at 1256 North Church Street at Moorestown West Corporate Center in Moorestown, New Jersey. 1256 North Church Street is a 100%-leased, 63,495 square-foot office/flex building. Jerry Zimmer of Insignia/ESG, Inc. represented the tenant in this transaction.
- Zarix, Inc., an emerging pharmaceutical company, has relocated its headquarters to 20,706 square feet at 1055 Westlakes Drive at Westlakes Office Park in Berwyn, Pennsylvania. The five-year lease represents a relocation and expansion from its current 9,110 square-foot office at 1235 Westlakes Drive. Westlakes Office Park, a 444,000 square-foot class A office complex, is 94.1% leased. Tom Sklow of Trammell Crow Company represented the tenant in this transaction.
- Health Ink, LLC., a provider of health and wellness publications to managed care plans and members, leased 20,000 square feet of space at 1245 North Church Street at Moorestown West Corporate Center. The lease represents a 15,000 square-foot renewal for three years and a 5,000 square-foot expansion for five years. 1245 North Church Street, a 52,810 square-foot office/flex building, is 100% leased.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "These leases are clear demonstrations of Mack-Cali's ability to provide space solutions to a wide range of businesses in suburban Philadelphia and other markets throughout the Northeast."
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 269 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.