Mack-Cali Leases Over 490,000 Square Feet in Northern and Central New Jersey Portfolio in Third Quarter
11/26/2001 Category: Leasing and Development
Cranford, New Jersey--November 26, 2001--Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 492,264 square feet of leasing transactions at its Northern and Central New Jersey properties during the third quarter of 2001.
Highlights of these transactions include:
- MCI Worldcom Communications, a global telecommunications company, renewed its 37,796 square-foot lease for five years at 8 Campus Drive in the Mack-Cali Business Campus in Parsippany, New Jersey. 8 Campus Drive, a 215,265 square-foot class A office building, is 100% leased.
- Brach, Eichler, Rosenberg, Silver, Bernstein, Hammer & Gladstone, P.C., a law firm, renewed its 31,103 square-foot lease for 10 years at 101 Eisenhower Parkway in the Eisenhower/280 Corporate Center in Roseland, New Jersey. 101 Eisenhower Parkway, a 237,000 square-foot class A office building, is 84% leased.
- Harsco Corporation Patent Company, a supplier of construction products and services, renewed its 31,000 square-foot lease for seven years at Mack-Cali Centre II at 650 From Road in Paramus, New Jersey. The 348,510 square-foot class A office property is 97.1% leased.
- Also at Mack-Cali Centre II, URS Corporation, a global engineering and applied science organization, signed a lease renewal of 24,667 square feet for 10 years.
- ADT Security Services, a wholly-owned subsidiary of Tyco International and a manufacturer of security and alarm systems, signed a new 10-year lease for 26,830 square feet of space at 29 Commerce Way at the Commercenter Business Park in Totowa, New Jersey. 29 Commerce Way, a 48,930 square-foot office/flex property, is 100% leased.
In addition, as previously announced, State Street Bank, the nation's largest provider of fund accounting services, renewed leases totaling approximately 114,500 square feet of office space at 500 College Road in Princeton, New Jersey.
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.