Mack-Cali Announces Lease Expansion With A Major International Bank
09/14/2006 Category: Leasing and Development
Firm Leases Another 53,727 Square Feet, Bringing its Total to 281,920 Square Feet at Jersey City Complex
Cranford, New Jersey—September 14, 2006—Mack-Cali Realty Corporation (NYSE: CLI) today announced that a major international bank has leased an additional 53,727 square feet at Harborside Financial Center Plaza 1 on the Jersey City waterfront.
The expansion, which carries a term of approximately 10 years, was pursuant to an option in a lease the bank recently exercised. The bank now leases a total of 281,920 square feet at the building.
Mitchell E. Hersh, president and chief executive officer, commented, "This transaction is a clear indication of the success of our repositioning efforts at this Harborside building. Harborside Financial Center has become an attractive office location due to its abundant amenities, excellent transportation access, and significant financial incentives." He continued, "We welcome the expansion of this global company and look forward to further building on our long-term relationship."
Harborside Plaza 1, a 400,000 square-foot class A office building located at Harborside Financial Center, is 94.3 percent leased. A modernization project was completed at the building earlier in the year. Mack-Cali's holdings in Jersey City, which total over 4.3 million square feet, are 98.9 percent leased.
David Maurer-Hollaender led the team of New Jersey and New York brokers from CB Richard Ellis that represented the tenant 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 320 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 35.9 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,600 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," "plan," "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.