Mack-Cali Announces Lease Renewals With IBM For Over 292,000 Square Feet
08/03/2005 Category: Leasing and Development
Cranford, New Jersey—August 3, 2005—Mack-Cali Realty Corporation (NYSE: CLI) today announced that the International Business Machines Corporation ("IBM"), a global information technology company, has signed lease renewals totaling 292,304 square feet at two office properties in Westchester County, New York.
The leases are for buildings located at Mid-Westchester Executive Park in Hawthorne and consist of:
- A 248,399 square-foot renewal for five years for the entire class A office building at 19 Skyline Drive.
- A 43,905 square-foot renewal for five years at 17 Skyline Drive, an 85,000 square-foot class A office building.
In each transaction, Patrick Murphy, Carl Eriksen and Linda Dow of CB Richard Ellis represented the tenant and Michael A. Grossman, Mack-Cali executive vice president, represented Mack-Cali.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "These transactions clearly demonstrate Mack-Cali's commitment to building long-term relationships with high-caliber tenants. IBM has been our tenant for more than 16 years, and we look forward to serving its office space needs for years to come."
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.