Mack-Cali's Second Quarter Leasing Results Include Over 240,000 Square Feet At New York And Connecticut 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 of 2004 included 241,494 square feet of transactions at its New York and Connecticut 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:
- Coca-Cola Enterprises, Inc. leased 44,266 square feet for 10 years at 555 Taxter Road in Elmsford. 555 Taxter Road, a 170,554 square-foot class A office building located at Taxter Corporate Park, is 91.7% leased. William V. Cuddy of CB Richard Ellis represented the tenant.
- National Economic Research Associates, an economic consulting firm and a division of Marsh & McLennan, leased 32,564 square feet for five years at 50 Main Street in White Plains. The lease consists of a 31,514 square-foot renewal and an expansion of 1,050 square feet. 50 Main Street, a 309,000 square-foot class A office property located at Westchester Financial Center, is 98.9% leased. Dean Shapiro of CB Richard Ellis represented the tenant and Ivan Abry, in-house director of leasing, represented Mack-Cali.
- Proftech Corp., an office products distributor, renewed its lease for 18,865 square feet at 200 Clearbrook Road at Cross Westchester Executive Park in Elmsford. The 94,000 square-foot office/flex building is 99.8 percent leased. Richard Rakow of Rakow Commercial Realty Group, Inc. represented the tenant and Robert Montaquiza, in-house leasing associate, represented Mack-Cali.
- Molecular Discoveries, a biomedical firm involved in cancer research, signed a new lease for 16,900 square feet at Four Westchester Plaza in Elmsford. The 44,700 square-foot office/flex building, located at Cross Westchester Executive Park, is 99.8 percent leased. Richard Leroy of Delphi Commercial Properties, Inc. represented the tenant and Ivan Abry represented Mack-Cali.
- York International Agency, a life and health insurance firm, renewed a 9,150 square-foot lease at One Executive Boulevard in Yonkers. The 112,000 square-foot office building, located at South Westchester Executive Park, is 100 percent leased. Jeffrey Warner, in-house managing director, represented Mack-Cali.
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.