Mack-Cali Announces Fourth Quarter Leasing Results for Northern and Central New Jersey Portfolio
03/15/2005 Category: Leasing and Development
Cranford, New Jersey—March 15, 2005—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 1,039,740 square feet of leasing transactions at its Northern and Central New Jersey 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:
- Pfizer, Inc., a global pharmaceutical company, signed a lease for 154,592 square feet at 5 Wood Hollow Road in Parsippany. The 317,040 square-foot class A office building is 100% leased. Lee Kosmac and Joel Orenstein of Newmark Real Estate and Eric Witmondt and David Simson of GVA Williams represented the tenant.
- A&E Distribution, Inc., a subsidiary of retailer A&E Stores, Inc., signed a new lease for 63,400 square feet at Mack-Cali Airport in Little Ferry. The 286,628 square-foot office building is 88.6% leased. Jay Opper and Gregg Najarian of Studley Real Estate Services represented the tenant and John Donnelly, in-house leasing director, represented Mack-Cali.
- Citigroup Global Markets, a provider of investment banking, asset management and advisory services, leased 26,262 square feet at 140 East Ridgewood Avenue in Paramus. The lease consisted of a 22,886 square-foot renewal and a 3,376 square-foot expansion. The 239,680 square-foot class A office building is 100% leased. Citigroup also signed a renewal for 21,922 square feet at 325 Columbia Turnpike in Florham Park, a 100% leased, 168,144 square-foot class A office building. Edward DaCosta of CB Richard Ellis represented the tenant in both transactions.
- Summit Equities, Inc., a money management firm, leased 32,311 square feet at 4 Campus Drive in Parsippany. The transaction consisted of a 23,811 square-foot renewal and an 8,500 square-foot expansion. The 147,475 square-foot class A office building, located at Mack-Cali Business Campus, is 95.8% leased. Mark Trevisan and Sean Morley of CB Richard Ellis represented the tenant and Michael Nevins, in-house vice president of leasing, represented Mack-Cali.
Also during the quarter, as previously announced, at Harborside Financial Center in Jersey City, Morgan Stanley renewed its lease of 306,170 square feet at Harborside Plaza 2 and Forest Laboratories expanded its space by 36,452 square feet at Harborside Plaza 5.
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.