Mack-Cali Announces Leases at Modernized Harborside Building
01/03/2006 Category: Leasing and Development
Leases Signed for Over 78,000 Square Feet at Harborside Financial Center Plaza 1 on the Jersey City Waterfront
Cranford, New Jersey--January 3, 2006--Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has leased 78,255 square feet at Harborside Financial Center Plaza 1 on the Jersey City waterfront. A $12 million modernization project was recently completed at this 400,000 square-foot class A office building.
The leases include:
||Sumitomo Mitsui Banking Corporation, a subsidiary of Sumitomo Mitsui Financial Group, signed a new lease for 40,470 square feet for 10 years and seven months. In addition, the firm renewed its lease for 30,683 square feet in an adjacent building, Harborside Plaza 2, for 10 years. Derek Trulson, Aron Whitehead and John C. Giordano III of the Staubach Company represented the tenant. Mack-Cali was represented in-house by Christopher DeLorenzo, vice president of leasing, and Thomas Savoca, director of leasing.|
||Fred Alger & Company, Inc., an investment firm, signed a new 15-year lease for 37,785 square feet. Alexander Chudnoff and Curtis Foster of Cushman & Wakefield represented the tenant. Mack-Cali was represented by Mark Ravesloot of CB Richard Ellis and in-house by Christopher DeLorenzo and Thomas Savoca.|
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "The recently-completed modernization to Harborside Plaza 1--combined with its wealth of amenities, excellent transportation access, and significant financial incentives-- make it an attractive office location for leading companies."
The modernization to Harborside Plaza 1, designed by Beyer Blinder Belle, was completed to the building's entranceway, lobby and common areas. Harborside Financial Center is a mixed-use complex with over 3 million square feet of class A office space, in addition to hotel, retail and residential components. The office space at the complex is 91.0% percent leased.
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. Additional information on Harborside Financial Center Plaza 1 is available at www.harborsideplaza1.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.