Mack-Cali Announces Third Quarter Leasing Results for Northern and Central New Jersey Portfolio
11/18/2004 Category: Leasing and Development
Cranford, New Jersey—November 18, 2004—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 556,877 square feet of leasing transactions at its Northern and Central New Jersey properties during the third quarter. Company-wide, Mack-Cali leased almost 1.2 million square feet during the quarter.
Highlights of the third quarter transactions include:
- Norris McLaughlin & Marcus, P.A., a full-service law firm, leased 72,661 square feet of office space for its corporate headquarters at Mack-Cali Bridgewater I in Bridgewater. The lease consists of a 62,130 square-foot renewal and a 10,531 square-foot expansion. Mack-Cali Bridgewater I, a 192,741 square-foot class A office building located at 721 Route 202/206, is 97.5% leased. Toni Casiano, in-house leasing director, represented Mack-Cali.
- Allstate Insurance Company (NYSE: ALL), the nation's largest publicly held personal lines insurer, signed a new lease for the entire building at 1325 Campus Parkway in Wall Township. The 35,000 square-foot office/flex building is located at Monmouth Shores Corporate Park. Edward J. DaCosta of CB Richard Ellis represented the tenant and Diane Chayes, in-house senior leasing director, represented Mack-Cali.
- Groundwater/Environmental Services Inc., an environmental consulting and contracting firm, renewed its 24,200 square-foot lease at 1340 Campus Parkway at Monmouth Shores Corporate Park. The 72,502 square-foot office/flex building is 100% leased. Bryan Lisowski of the Equis Corporation represented the tenant and Diane Chayes represented Mack-Cali.
- Experian North America Inc., a provider of information solutions and a subsidiary of GUS plc, signed a new lease for 21,193 square feet at 4 Gatehall Drive in Parsippany. The 248,480 square-foot class A office building, located at Mack-Cali Business Campus, is 79.0% leased. Arthur Hixson of The Staubach Company represented the tenant and Diane Chayes represented Mack-Cali.
- NJ Property-Liability Insurance Guaranty Association, a quasi-state agency, signed a new lease for 20,673 square feet at 222 Mt. Airy Road in Basking Ridge. The 49,000 square-foot office building is 42.2% leased. Jack Feeney of Julien J. Studley represented the tenant and Jane Greenblatt, in-house director of development, represented Mack-Cali.
In addition, as previously announced, Ameritrade Services Company signed a new lease for 36,452 square feet at Harborside Financial Center Plaza 5 in Jersey City.
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 29.3 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 Web site 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.