Mack-Cali Announces Lease Expansion With AIG Subsidiary at Jersey City Building
09/23/2005 Category: Leasing and Development
-71,286 Square-Foot Expansion at 101 Hudson Street-
Cranford, New Jersey—September 23, 2005—Mack-Cali Realty Corporation (NYSE: CLI) today announced that National Union Fire Insurance Company (NUFIC), a subsidiary of the American International Group, Inc., has expanded its space by 71,286 square feet at 101 Hudson Street in Jersey City, New Jersey. The expansion carries a term of seven years and four months.
NUFIC now leases a total of 279,292 square feet at 101 Hudson Street, a 1.25 million square-foot class A office tower. The building, located on the Jersey City waterfront, is 97.9% leased.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "This transaction demonstrates our ability to build long-term relationships with high-caliber companies. AIG and its subsidiaries have been tenants in Mack-Cali's portfolio for more than a decade, and we look forward to serving their evolving office space needs for years to come."
Lewis Miller and Andrew Sussman of CB Richard Ellis represented the tenant and Christopher DeLorenzo, in-house vice president of leasing, and Thomas Savoca, 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 271 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30.2 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.