Mack-Cali Leases Over 194,000 Square Feet in Northern and Central New Jersey Portfolio in First Quarter
05/03/2001 Category: Leasing and Development
Highlights Include Leases with A.C. Nielsen and Toyota Credit Corp.
Cranford, New Jersey-May 3, 2001-Mack-Cali Realty Corporation (NYSE: CLI) today announced it has leased over 194,000 square feet of new and renewal space at its Northern and Central New Jersey office and office/flex properties during the first quarter of 2001.
Highlights of these transactions include:
- A.C. Nielsen Company, a market research, information and analysis firm, signed a new lease for 23,400 square feet of space for six years at 650 From Road in Paramus, New Jersey. The 348,510 square-foot class A office property is 94.2% leased. A.C. Nielsen was represented by Richard S. Baumstein, Matthew Seltzer and Kevin Murphy of Cushman & Wakefield of New Jersey, Inc.
- QuadraMed Corp., a healthcare information technology company, renewed a 17,909 square-foot lease for three years at 1345 Campus Drive at Monmouth Shores Corporate Park in Wall Township, New Jersey. The 76,300 square-foot office/flex building is 100% leased.
- Zolfo Cooper LLC, a business advisory and interim management firm, signed a new seven-year lease for 15,950 square feet at 101 Eisenhower Parkway in Roseland, New Jersey. The 237,000 square-foot class A office property is 73.0% leased. Ken Flynn of Grubb & Ellis represented Zolfo Cooper.
- Vesta Technologies, LLC, a network integration firm, signed a new 15,137 square-foot lease for five years at 4 Gatehall Drive in Parsippany, New Jersey. The 248,480 square-foot class A office property, which is part of Mack-Cali Business Campus, is 96.9% leased. Jim Sousa of Alexander Summer/CRESA NJ represented Vesta Technologies.
- Toyota Motor Credit Corporation, the financing subsidiary of Toyota Motor Sales USA, Inc., renewed a 14,540 square-foot lease for 30 months, also at 4 Gatehall Drive. Toyota Motor Credit was represented by David Warren of Resource Realty.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "Even with our high occupancy rates, we are well positioned to accommodate the evolving space needs of these diverse businesses due to our strong concentration in core New Jersey markets, as well as our deep relationships with our tenants." Mack-Cali's portfolio was 96.8% leased at year-end 2000.
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 273 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 29.1 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.