Mack-Cali Leases Another 35,900 Square Feet At Harborside Development In Jersey City
02/04/2002 Category: Leasing and Development
--TradeWeb Group LLC Will Use Space for its U.S. Headquarters--
Cranford, New Jersey—February 4, 2002—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has signed a 15-year, 35,900 square-foot lease with TradeWeb Group LLC for its U.S. headquarters at Harborside Financial Center Plaza 5 in Jersey City, New Jersey.
Harborside Financial Center Plaza 5 is a 34-story, 980,000 square-foot class A office building that is under development and due to be completed in late 2002.
TradeWeb Group LLC is a global online bond trading firm with equity investors including J.P. Morgan, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and Salomon Smith Barney.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "This lease is yet another demonstration of the appeal of Harborside Financial Center as a major headquarters location."
Harborside Financial Center Plaza 5 is 55% pre-leased, with tenants including SunAmerica Asset Management Corp., Forest Labs, National Financial Services/Fidelity Corporate Real Estate, and Garban Intercapital North America, Inc.
Mark Ravesloot, Scott Sloves, Eric Engelhardt and Michael Monahan of Insignia/ESG and Jane Greenblatt, in-house director of development, represented Mack-Cali; and John Isaacs, Pamela Walsh and Ed Duenas of Cushman & Wakefield represented TradeWeb Group LLC in the transaction.
Currently, Harborside Financial Center consists of 2.1 million square feet of 100%-leased class A office space in four plazas. In addition to Plaza 5, development projects underway at Harborside include Plaza 10, a 19-story, 575,000 square-foot class A office building that is 100% pre-leased and due to be completed in late 2002; a 350-room Hyatt Regency hotel on Harborside's south pier due to be completed in late 2002; and a 300-unit luxury apartment complex on the north pier due to be completed in 2003. The remaining land sites at Harborside are able to accommodate approximately 5 million square feet of additional office development.
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 266 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.4 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,300 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.