Mack-Cali Announces First Quarter Leasing Results for Northern and Central New Jersey Properties
05/11/2005 Category: Leasing and Development
Cranford, New Jersey--May 11, 2005--Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 932,274 square feet of leasing transactions at its Northern and Central New Jersey properties during the first quarter. Company-wide, Mack-Cali leased 1,336,037 square feet of space during the quarter.
Highlights of the first quarter transactions include:
- Dassault Falcon Jet Corp., a subsidiary of aircraft manufacturer Dassault Aviation, leased 114,042 square feet at Mack-Cali Airport in Little Ferry. The transaction consists of a renewal of 94,575 square feet and an expansion of 19,467 square feet. The 286,628 square-foot office building, located at 200 Riser Road, is 95.4 percent leased.
- Science Applications International Corporation, a research and engineering company, signed a new lease for 44,988 square feet at One River Centre, Building Two, in Middletown. The 120,360 square-foot office building is 100 percent leased. Steve Fleming of The Staubach Company represented the tenant and Diane Chayes, in-house managing director of leasing, represented Mack-Cali.
- Allstate Insurance Company (NYSE: ALL), the nation's largest publicly held personal lines insurer, renewed its 23,024 square-foot lease at Mack-Cali Centre IV in Paramus. The 269,191 square-foot class A building, located at 61 South Paramus Road, is 99.6 percent leased. Edward DaCosta of CB Richard Ellis represented the tenant and Christopher DeLorenzo, in-house managing director of leasing, represented Mack-Cali.
- Cisco Systems, Inc. (NASDAQ: CSCO), a global provider of Internet networking products and services, signed a new lease for 20,000 square feet at 1340 Campus Parkway in Wall Township. The 72,502 square-foot office/flex building, located at Monmouth Shores Corporate Park, is 94.9 percent leased. Lisa Kiell and Samit Chopra of Jones Lang LaSalle represented the tenant and Diane Chayes represented Mack-Cali.
As previously announced during the quarter, Vonage USA, Inc. leased the entire 350,000 square-foot office building at 23 Main Street in Holmdel, New Jersey. Mack-Cali had acquired the building and concurrently leased it to Vonage. Also previously announced, at Harborside Financial Center Plaza 5 on the Jersey City waterfront, IXIS North America, Inc. leased 71,681 square feet and HQ Global Workplaces, Inc. leased 22,279 square feet.
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 currently owns or has interests in 270 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30.4 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.
Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "anticipate," "estimate," "continue," or comparable terminology. Such 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, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the headings "Disclosure Regarding Forward- Looking Statements" and "Risk Factors" in the Company's 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, new information or otherwise.