Mack-Cali's Second Quarter Leasing Results Include Over 177,000 Square Feet At Suburban Philadelphia And Southern New Jersey Properties
08/20/2004 Category: Leasing and Development
Cranford, New Jersey—August 20, 2004—Mack-Cali Realty Corporation's (NYSE: CLI) leasing results for the second quarter included 177,806 square feet of transactions at its Suburban Philadelphia and Southern New Jersey properties. Company-wide, Mack-Cali completed over 1.5 million square feet of leasing transactions during the quarter. Highlights of the second quarter transactions included four leases at Moorestown West Corporate Center in Moorestown, New Jersey:
- Xerimis Inc., a provider of clinical packaging services, leased 32,000 square feet at 102 Executive Drive. The lease consists of a 19,200 square-foot renewal and a 12,800 square-foot expansion. The 64,000 square-foot office/flex building is 100 percent leased.
- Vision Realty LLC, a manufacturer and distributor of picture frames, leased 14,570 square feet, renewing its lease for 12,000 square feet and expanding by 2,570 square feet at 915 North Lenola Road. The 52,488 square-foot office/flex building is 100 percent leased.
- Schermerhorn Bros. Co., a distributor of packaging products, signed a new lease for 12,800 square feet at 202 Commerce Drive. The 51,200 square-foot office/flex property is 100 percent leased.
- Riley Sales Inc., a distributor of heating, ventilation and air conditioning parts, leased 11,970 square feet, renewing its 9,600 square-foot lease and expanding by 2,370 square feet at 915 North Lenola Road. Brian Belcher of Belcher-Pregmon Commercial Real Estate Co. represented the tenant.
Donna Bleiler, in-house leasing director, represented Mack-Cali in each transaction.
Also, as previously announced during the quarter, Fiberlink Communications Corp. signed a new lease for 36,360 square feet at 18 Sentry Park West in Blue Bell, Pennsylvania.
In its Suburban Philadelphia region, Mack-Cali ended the second quarter 90.8 percent leased, an increase from 89.4 percent leased at the end of the first quarter.
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 270 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30 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.