Mack-Cali Leases Over 165,400 Square Feet in Suburban Philadelphia and Southern New Jersey Portfolio in Third Quarter
11/26/2001 Category: Leasing and Development
Computer Sciences Corporation Leases Over 90,000 Square Feet
Cranford, New Jersey-November 26, 2001--Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed over 165,400 square feet of leasing transactions at its suburban Philadelphia and southern New Jersey properties during the third quarter of 2001.
Highlights of these transactions include:
- Computer Sciences Corporation (CSC), a global consulting and systems integration company, leased 90,250 square feet at two properties. CSC signed a lease renewal for the entire 49,000 square-foot office/flex building at 2 Commerce Drive at Moorestown West Corporate Center in Moorestown, New Jersey. CSC also signed leases totaling 41,250 square feet for the entire class A office building at 200 Decadon Drive at Expressway Corporate Center in Egg Harbor Township, New Jersey. The leases at 200 Decadon Drive include a renewal of 19,270 square feet and an expansion of 21,980 square feet.
- Fluor Enterprises, a division of Fluor Corporation, the engineering, procurement, construction, maintenance and business services company, signed a new lease for 13,949 square feet of space for five years at Rose Tree II, a 160,000 square-foot office building located at 1400 North Providence Road in the Rose Tree Corporate Center in Media, Pennsylvania. Jim Dugan of The Rubenstein Brokerage Group, Inc. represented the tenant.
- Seton Company, a privately-held global provider of automotive leathers, leased 15,191 square feet for 10 years at 1000 Madison Avenue in Lower Providence, Pennsylvania. The lease represented a 12,206 square-foot renewal and a 2,985 square-foot expansion. 1000 Madison Avenue, a 100,700 square-foot class A office building, is 100% leased. Bill Burns of The Burns Company represented the tenant.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "We're pleased to accommodate the needs of these leading businesses for both new and renewal space." He continued, "And in today's challenging economy, Mack-Cali's financial strength and stability are increasingly important factors in companies' decisions in choosing their office space."
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.