Mack-Cali Announces Third Quarter Leasing Results for Northern and Central New Jersey Portfolio
11/13/2003 Category: Leasing and Development
Cranford, New Jersey—November 13, 2003—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 391,487 square feet of leasing transactions at its Northern and Central New Jersey properties during the third quarter of 2003. Highlights include:
- Coram Alternate Site Services, a provider of home health care, leased 36,370 square feet at two office/flex buildings at Mack-Cali Commercenter in Totowa. The company renewed its lease for 26,125 square feet for five years at 11 Commerce Way, a 47,025 square-foot building, and signed a new six-year lease for 10,245 square feet at 20 Commerce Way, a 42,540 square-foot building. Both buildings are 100 percent leased. David Newton of Bayshore Partners represented the tenant and Christopher DeLorenzo, in-house senior leasing director, represented Mack-Cali.
- Citigroup Global Markets, Inc., a division of financial services provider Citigroup, Inc., leased 26,834 square feet for 10 years at 150 JFK Parkway in Short Hills. The transaction was a relocation and an expansion of 8,073 square feet. The 247,476 square-foot class A office building is 98.7 percent leased. Edward DaCosta of CB Richard Ellis represented the tenant and Diane Chayes, in-house senior leasing director, represented Mack-Cali.
- Cap Gemini Telecom Media & Networks U.S., Inc., a division of Cap Gemini Ernst & Young, renewed its lease of 23,175 square feet for five years at 100 Walnut Avenue in Clark. The 182,555 square-foot class A office property is 100 percent leased. Jim Postell of Trammell Crow Company represented the tenant and Toni Casiano, in-house leasing director, represented Mack-Cali.
- National Association of Securities Dealers, Inc. a private-sector provider of financial regulatory services, leased 19,832 square feet for 10 years at 581 Main Street in Woodbridge. The transaction represented a 13,932 square-foot renewal and an expansion of 5,900 square feet. The 200,000 square-foot class A office property is 100 percent leased. Joseph Sarno, Jeremy Neuer, and Jon Marks of Cushman and Wakefield represented the tenant and Toni Casiano represented Mack-Cali.
- WithumSmith+Brown, an accounting and consulting firm, signed a new, 10-year lease for 19,407 square feet at 5 Vaughn Drive in Princeton. 5 Vaughn Drive is a 98.1 percent leased, 98,500 square-foot class A office property. Aubrey Haines of Mercer Oak Realty represented the tenant and Toni Casiano represented Mack-Cali.
In addition, as previously announced, Mack-Cali signed leases totaling over 64,000 square feet at Harborside Financial Center Plaza 5 in Jersey City. Moody's Investor Services leased 43,344 square feet for five years and the Office of Thrift Supervision leased 20,664 square feet for 15 years.
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 264 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.3 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,100 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, including Section 21E of the Securities Exchange Act of 1934. 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 and Section 21E of the Securities Exchange Act of 1934. 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.