Mack-Cali Announces Second Quarter Leasing Results for Suburban Philadelphia and Southern New Jersey Properties
08/09/2005 Category: Leasing and Development
Cranford, New Jersey—August 9, 2005—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 178,758 square feet of leasing transactions at its Suburban Philadelphia and Southern New Jersey properties during the second quarter. Company-wide, Mack-Cali leased over 1.6 million square feet of space during the quarter.
Highlights of the second quarter transactions include:
- Bollinger Inc., a privately-owned insurance firm, signed a new lease for 21,473 square feet at 232 Strawbridge Drive in Moorestown, New Jersey. The 74,258 square-foot building, located at Moorestown Corporate Center, is 98.8 percent leased. Gerald Moore and James Garibaldi of The Garibaldi Group represented the tenant and Donna Bleiler, in-house director of leasing, represented Mack-Cali.
- Foundations Inc., a provider of extended-day enrichment and educational programs to schools, leased 20,805 square feet at 2 Executive Drive in Moorestown. The lease consists of a renewal of 13,275 square feet and an expansion of 7,530 square feet. The 60,800 square-foot office/flex building, located at Moorestown West Corporate Center, is 80.3 percent leased. Donna Bleiler represented Mack-Cali.
- Keystone Insurance Company, a member of the AAA Mid-Atlantic Insurance Group, a provider of personal lines insurance coverage, signed a new lease for 19,924 square feet at 300 Stevens Drive in Lester, Pennsylvania. The 68,000 square-foot, class A office building, located at Airport Business Center, is 96.8 percent leased. Michael Kennedy, Philip Lipper and Robert Bull of Studley Inc. represented the tenant and Jake Fruncillo, in-house director of leasing, represented Mack-Cali.
- Eastern Research Inc., a supplier of network access and transport solutions, signed a new lease for 11,900 square feet at 1247 North Church Street in Moorestown. The 52,790 square-foot office/flex building, located at Moorestown West Corporate Center, is 100 percent leased. Jon Sarkisian of CB Richard Ellis represented the tenant and Donna Bleiler represented Mack-Cali.
- IDS Scheer Business Process Management, an international provider of business process management services, leased 10,288 square feet at 1055 Westlakes Drive in Berwyn, Pennsylvania. The lease consists of an 8,866 square-foot renewal and a 1,422 square-foot expansion. The 118,487 square-foot class A office building, located at Westlakes Office Park, is 96.8 percent leased. Robert Leu, 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.