Mack-Cali Signs Leases Totaling Over 257,000 Square Feet at its Northeast Office Properties
01/18/2001 Category: Leasing and Development
--Movado to Relocate Headquarters to Paramus Building--
CRANFORD, NEW JERSEY—January 18, 2001—Mack-Cali Realty Corporation (NYSE:CLI) today announced it has signed 10 leases with six companies for new and renewal space totaling over 257,000 square feet at several of its Northeast office and office/flex properties.
"Mack-Cali is well-positioned to accommodate the diverse space needs of leading global companies," stated Mitchell E. Hersh, chief executive officer of Mack-Cali. "These leases clearly demonstrate how our strong Northeast position allows us to better serve our tenants, and, in turn, achieve growth in our portfolio," he continued.
--Movado Group, Inc., designer, manufacturer, and distributor of watches, will relocate its headquarters to Mack-Cali Centre II at 650 From Road in Paramus, New Jersey. Movado has signed new leases totaling approximately 58,000 square feet for 12 years at the 87.5% leased, 348,510 square-foot class A office property.
--Faulding Pharmaceuticals, a global pharmaceutical and healthcare company, will also move its headquarters to Mack-Cali Centre II. Faulding, which currently occupies 7,352 square feet at Mack-Cali's 11 Commerce Drive property in Cranford, New Jersey, signed a new eight-year lease for 21,536 square feet.
--Regus Business Centres, worldwide providers of fully-equipped, on-demand office suites and and meeting rooms, has signed two new 10-year leases totaling 79,805 square feet. Regus will occupy 40,875 square feet at 1055 Westlakes Drive at Westlakes Office Park in Berwyn, Pennsylvania, and 38,930 square feet at 100 Overlook Center in Princeton, New Jersey. Regus will establish office suites at both locations. Westlakes Office Park, a 444,000 square-foot class A office complex, is 83.9% leased and 100 Overlook Center, a 149,600 square-foot class A office property, is 88.9% leased.
--Reveo, Inc., a frontier-technology research and development corporation, has signed new leases for 47,604 square feet for nine years at Three Westchester Plaza in Cross Westchester Executive Park in Elmsford, New York. Three Westchester Plaza, a 93,500 square-foot office/flex property, is 100% leased.
--EVonyx, Inc., subsidiary of Reveo, Inc. and an energy technology company, has signed two leases totaling 32,605 square feet at Mid-Westchester Executive Park in Hawthorne, New York. EVonyx, which will utilize the facilities for research and development, signed a new nine-year lease for 18,350 square feet at 4 Skyline Drive and signed a five-year renewal lease for 14,255 square feet at 8 Skyline Drive. 4 Skyline Drive, an 80,600 square-foot office/flex property, is 99.6% leased and 8 Skyline Drive, a 50,000 square-foot office/flex property is 98.9% leased.
--Rock-Tenn Converting Company, a paperboard manufacturer and converter, has signed a new lease for 18,000 square feet for seven years at One Center Court at Commercenter Business Park in Totowa, New Jersey. Rock-Tenn will utilize the space for general office and distribution facilities. One Center Court, a 38,961 square-foot office/flex property, is 84% leased.
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 267 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.2 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.