Mack-Cali Announces First Quarter Leasing Results for Suburban Philadelphia and Southern 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 127,478 square feet of leasing transactions at its Suburban Philadelphia and Southern 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:
- Voice FX, LLC, a provider of interactive voice response outsource services, leased 14,607 square feet at One Plymouth Meeting at 502 West Germantown Pike in Plymouth Meeting, Pennsylvania. The lease consists of an 8,621 square-foot renewal and a 5,986 square-foot expansion. The 167,748 square-foot office building is 94.0 percent leased. Paul Wolfson of NAI Geis Realty Group, Inc. represented the tenant and Jake Fruncillo, in-house director of leasing, represented Mack-Cali.
- Erie Indemnity Company (NASDAQ: ERIE), a provider of insurance sales, underwriting and administrative services, renewed its 11,080 square-foot lease at Rose Tree I in Media, Pennsylvania. The 100,000 square-foot office building, located at 1400 North Providence Road in the Rose Tree Corporate Center, is 83.2 percent leased. Carl Gersbach and Steve Kriz of CB Richard Ellis represented the tenant and Jake Fruncillo represented Mack-Cali.
- Brotech Corp., a provider of water purification systems, renewed its 9,718 square-foot lease at 150 Monument Road in Bala Cynwyd, Pennsylvania. The 125,783 square-foot class A office building is 62.5 percent leased. Gene McHale of Beacon Commercial Real Estate represented the tenant and Robert Leu, in-house director of leasing, represented Mack-Cali.
- AUL Reinsurance Management, a provider of retirement products and services, signed a new lease for 9,120 square feet at 5 Terri Lane in Burlington Township, New Jersey. The 74,555 square-foot office/flex building, located at Bromley Commons, is 100 percent leased. Donna Bleiler, in-house director of leasing, 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 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.