Mack-Cali Announces Fourth Quarter Leasing Results for New York and Connecticut Properties
03/15/2005 Category: Leasing and Development
Cranford, New Jersey—March 15, 2005—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 227,644 square feet of leasing transactions at its New York and Connecticut properties during the fourth quarter. Company-wide, Mack-Cali leased over 1.5 million square feet during the quarter.
Highlights of the fourth quarter transactions include:
- Southern Westchester Board of Cooperative Educational Services renewed leases for 29,931 square feet at Cross Westchester Executive Park in Elmsford, New York. The leases include 20,131 square feet at 2 Westchester Plaza, a 100%-leased, 25,000 square-foot office/flex building; and 9,800 square feet at 50 Executive Boulevard, a 45,200 square-foot office/flex building that is 85.6% leased. Carol McGuire, in-house senior leasing director, and Lou Amalfitano, in-house leasing director, represented Mack-Cali.
- BTX Technologies, Inc., a manufacturer and distributor of electronics interfacing products, signed a new 23,060 square-foot lease at 5 Skyline Drive in Hawthorne, New York. The 124,022 square-foot office/flex building, located at Mid-Westchester Executive Park, is 100% leased. Jeffrey Warner, in-house managing director of leasing, represented Mack-Cali.
- Advanced Viral Research Corp., a biopharmaceutical company, renewed its 16,650 square-foot lease at 200 Corporate Boulevard South in Yonkers, New York. The 84,000 square-foot office/flex building, located at South Westchester Executive Park, is 92.5% leased. Carol McGuire represented Mack-Cali.
- Voyetra Turtle Beach Inc., a provider of PC audio technology products, renewed its 15,300 square-foot lease at 5 Odell Plaza in Yonkers. The 38,400 square-foot office/flex building, located at South Westchester Executive Park, is 99.6% leased. Ivan Abry, in-house leasing director, represented Mack-Cali.
- Media Partnership Corp., an advertising agency, renewed its lease for 13,678 square feet at 40 Richards Avenue in Norwalk, Connecticut. The 145,487 square-foot class A office building is 74.8% leased. Gerry Lees and Edward Weiss of Cushman & Wakefield represented the tenant and Lou Amalfitano 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 269 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30.1 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.
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.