Mack-Cali Leases Over 453,000 Square Feet in Northern and Central 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 453,000 square feet of leasing transactions at its Northern and Central New Jersey properties during the second quarter of 2001.
Highlights of these transactions include:
- Japan Research Institute, a majority-owned subsidiary of Sumitomo Mitsui Bank Corp., renewed its 30,683 square-foot lease for five years at Harborside Financial Center, a 2.1 million square-foot class A office complex in Jersey City, New Jersey. Harborside Financial Center's office space is 100% leased.
- Floorgraphics Inc., a marketing company, leased 14,025 square feet of space for five years at 5 Vaughn Drive in Princeton, New Jersey. The tenant has relocated and expanded its offices by 4,992 square feet. 5 Vaughn Drive, a 98,500 square-foot class A office building, is 100% leased.
- Russian Media Group, LLC, an owner of foreign language television and radio stations, signed a new five-year lease for 13,172 square feet of space at One Bridge Plaza in Fort Lee, New Jersey. One Bridge Plaza, a 200,000 square-foot class A office property, is 99.2% leased.
- Johnson & Johnson, a global manufacturer of health care products, signed an expansion lease for 12,844 square feet at Mack-Cali Bridgewater, located at 721 Route 202/206 in Bridgewater, New Jersey. The 192,741 square-foot class A office property is 100% leased.
Additional leases signed in the second quarter in Northern and Central New Jersey that were previously announced by Mack-Cali include a 56,954 square-foot lease with Sankyo Pharma, Inc.; a 41,600 square-foot lease with Computer Sciences Corporation at 100 Decadon Drive; a 34,810 square-foot lease with the State of New Jersey Department of Environmental Protection; and a 17,435 square-foot lease with Yardville National Bank.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "The high volume of leases we completed in this market clearly demonstrates that despite an uncertain economy, Mack-Cali is continuing to see very strong demand from businesses interested in leasing our prime suburban properties." 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.