Mack-Cali Announces Fourth Quarter Leasing Results for Suburban Philadelphia and Southern New Jersey 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 154,632 square feet of leasing transactions at its Suburban Philadelphia and Southern 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:
- Computer Sciences Corporation (CSC), a global consulting and systems integration company, renewed its lease for 26,975 square feet at 2 Commerce Drive at Moorestown West Corporate Center in Moorestown, New Jersey. The 49,000 square-foot office/flex building is 100% leased. Pete Campo of USI Real Estate Brokerage represented the tenant and Donna Bleiler, in-house leasing director, represented Mack-Cali.
- Brinker Capital, an investment consulting firm, signed a new lease for 19,600 square feet at 1055 Westlakes Drive in Berwyn, Pennsylvania. The 118,487 square-foot class A office building, located at Westlakes Office Park, is 90.1% leased. Scott M. Miller of CB Richard Ellis represented the tenant and Robert Leu, in-house leasing director, represented Mack-Cali.
- Fluor Enterprises, a division of Fluor Corporation, a publicly-owned engineering, procurement, construction, and maintenance services company, leased 18,277 square feet at Rose Tree II in Media, Pennsylvania. The lease consisted of a 13,949 square-foot renewal and a 4,328 square-foot expansion. The 160,000 square-foot office building, located at 1400 North Providence Road in the Rose Tree Corporate Center, is 96.4% leased. Bill Cusick of Cushman & Wakefield represented the tenant and Jake Fruncillo, in- house leasing director, represented Mack-Cali.
- Schindler Elevator Corp., an entity of the Schindler Group, a global supplier of elevators and escalators, leased 18,020 square feet at 840 North Lenola Road in Moorestown, New Jersey. The lease consisted of a 12,000 square-foot renewal and a 6,020 square-foot expansion. The 38,300 square-foot office/flex building, located at Moorestown West Corporate Center, is 100% leased. Schindler Elevator was represented in-house by William Rafferty and Mack-Cali was represented by Donna Bleiler.
- White and Williams LLP, a law firm, signed a new lease for 9,740 square feet at 1235 Westlakes Drive in Berwyn, Pennsylvania. The 134,902 square-foot class A office building, located at Westlakes Office Park, is 80.6% leased. Michael Milone of Tactix Real Estate Advisors represented the tenant and Robert Leu 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.