Mack-Cali Leases Over 182,600 Square Feet in Suburban Philadelphia and Southern New Jersey Portfolio in First Quarter
05/09/2002 Category: Leasing and Development
Cranford, New Jersey—May 9, 2002—Mack-Cali Realty Corporation (NYSE: CLI) today announced it completed 182,614 square feet of leasing transactions at its suburban Philadelphia and southern New Jersey properties during the first quarter of 2002.
Highlights of these transactions include:
- Barnett International, a division of Parexel International, L.L.C., a global biopharmaceutical outsourcing organization, renewed its lease for 58,018 square feet for five years at Rose Tree Corporate Center II at 1400 N. Providence Road in Media, Pennsylvania, a 160,000 square-foot office building. Tony Rossi of The Staubach Company of Pennsylvania, Inc. represented the tenant and Jake Fruncillo, in-house leasing director, represented Mack-Cali in the transaction.
- Turner Investment Partners, an investment advisory firm, consolidated and expanded its offices to a total of 39,644 square feet at 1205 Westlakes Drive in Berwyn, Pennsylvania. The transaction included a term extension through 2011. Located at Westlakes Office Park, 1205 Westlakes Drive is a 130,265 square-foot class A office property. Jeff Mack of Smith, Mack & Co., Inc. represented the tenant and Jake Fruncillo represented Mack-Cali.
- Vitality Food Service, a beverage provider to the food service industry, renewed its lease for 14,700 square feet for 10 years at 5 Terri Lane in Burlington Township, New Jersey. Located at Bromley Commons, 5 Terri Lane is a 74,555 square-foot office/flex building. Donna Bleiler, in-house leasing director, represented Mack-Cali in the transaction.
- Foundations Inc., a non-profit organization promoting elementary school enrichment programs, signed a new lease for 9,600 square feet for three years at 2 Executive Drive in Moorestown, New Jersey, a 60,800 square-foot office/flex building located in Moorestown West Corporate Center. Donna Bleiler represented Mack-Cali in lease negotiations.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "These transactions demonstrate Mack-Cali's ability to service our very diverse tenant base throughout our core Northeast and Mid-Atlantic markets."
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 28.7 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 Private Securities Litigation Reform Act of 1995 and the federal securities laws. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, without limitation, the Company's future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "anticipate," "estimate," "continue" or comparable terminology. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Among the risks, trends and uncertainties are changes in the general economic conditions, including those affecting industries in which the Company's principal tenants compete; any failure of the general economy to recover timely from the current economic downturn; the extent of any tenant bankruptcies; the Company's ability to lease or re-lease space at current or anticipated rents; changes in the supply of and demand for office, office/flex and industrial/warehouse properties; changes in interest rate levels; changes in operating costs; the Company's ability to obtain adequate insurance, including coverage for terrorist acts; 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. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.