Vonage Leases Mack-Cali Office Building for Headquarters
03/31/2005 Category: Leasing and Development
Cranford, New Jersey—March 31, 2005—Mack-Cali Realty Corporation (NYSE: CLI) recently announced a 350,000 square-foot lease with Vonage, a New Jersey-based provider of broadband voice over Internet protocol (VOIP) services, for its corporate headquarters. The lease, for a term of 12 years and five months, was for the entire building at 23 Main Street in Holmdel, New Jersey.
Mack-Cali acquired the two-story building to meet Vonage's needs to expand its space into one class A headquarters location. Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "By acquiring and leasing this property to Vonage, we were able to satisfy the space needs of this growing, dynamic company, while increasing our holdings in the attractive Monmouth County submarket."
"Vonage is the fastest growing phone company in North America in both customers and employees. We quickly outgrew our current space and are very excited that Mack-Cali was able to acquire new space that can meet our growth needs in a timely manner," stated John S. Rego, chief financial officer of Vonage Holdings Corp.
Jeff Kolodkin and Ben Shapiro of Grubb & Ellis represented Vonage in the transaction.
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 270 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30.4 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.
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