Mack-Cali Announces Third Quarter Leasing Results for Northern and Central New Jersey Properties
11/10/2005 Category: Leasing and Development
Cranford, New Jersey--November 10, 2005--Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 867,154 square feet of leasing transactions at its Northern and Central New Jersey properties during the third quarter. Company-wide, Mack-Cali leased over 1.6 million square feet of space during the quarter.
Third quarter transactions already announced during the quarter include a new 117,118 square-foot lease with AIG subsidiary American Home Assurance Company at 5 Wood Hollow Road in Parsippany; a new lease with The New Jersey Turnpike Authority for 100,223 square feet at 581 Main Street in Woodbridge; and a 71,286 square-foot expansion with AIG subsidiary National Union Fire Insurance at 101 Hudson Street in Jersey City.
Other highlights of third quarter transactions include:
- Franklin Credit Management Corporation, a provider of specialty consumer finance and asset management services, leased a total of 40,722 square feet at 101 Hudson Street. The transaction represents an expansion of 6,856 square feet for eight years and four months, and a three-year extension of 33,866 square feet. The 42-story, 1.25 million square-foot class A office building is 97.9 percent leased. Edward Duenas and Gil Medina of Cushman & Wakefield represented the tenant and Thomas Savoca, in-house director of leasing, and Christopher DeLorenzo, in-house vice president of leasing, represented Mack-Cali.
- UBS Financial Services, Inc., a subsidiary of global financial services firm UBS, leased 34,313 square feet at Mack-Cali Centre IV at 61 South Paramus Road in Paramus. The lease consists of a 12,365 square-foot renewal and a 21,948 square-foot expansion. The 269,191 square-foot class A office building is 98.8 percent leased. Kevin J. Murphy of Cushman & Wakefield represented the tenant and Christopher DeLorenzo represented Mack-Cali.
- ACNielsen (US), Inc., a market information service provider, leased 32,272 square feet at Mack-Cali Centre II at 650 From Road in Paramus. The lease consists of a renewal of 26,058 square feet and an expansion of 6,214 square feet. The 348,510 square-foot class A office building is 99 percent leased. Walter Schoenberg and Robert Giglio of Cushman & Wakefield represented the tenant and Christopher DeLorenzo and Thomas Savoca represented Mack-Cali.
- Countrywide Home Loans, a subsidiary of Countrywide Financial Corporation, signed a new lease for 24,838 square feet at 20 Commerce Drive in Cranford. The 176,600 square-foot class A office property is 100 percent leased. Edward DaCosta and Kenneth Rapp of CB Richard Ellis represented the tenant and Toni Casiano, in-house senior director of leasing, represented Mack-Cali.
- Continental Casualty Company, a subsidiary of CNA Financial Corporation, signed a new lease for 24,554 square feet at 4 Century Drive in Parsippany. The 100,036 square-foot class A office building, located at Mack-Cali Business Campus, is 68.2 percent leased. Marc Rosenberg of Cushman & Wakefield represented the tenant and Diane Chayes, in-house vice president 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.