Mack-Cali Announces Leases in Westchester County
05/09/2006 Category: Leasing and Development
Renewals With Wachovia Bank and Montefiore Medical Center; Expansion With Progressive Casualty Insurance
Cranford, New Jersey-May 9, 2006-Mack-Cali Realty Corporation (NYSE: CLI) today announced three lease agreements in Westchester County, New York:
- Progressive Casualty Insurance, a subsidiary of The Progressive Corporation, leased 27,105 square feet at 1 Executive Boulevard in Yonkers. The transaction included a five-year expansion of 10,254 square feet and a 16,851 square-foot extension for three years and eight months. 1 Executive Boulevard is a 100 percent leased, 112,000 square-foot class A office building located in the South Westchester Executive Park. Justin Aronson of Trammell Crow Company and Todd Heyman of Allegro Realty Advisors, Ltd. represented the tenant and Ivan Abry, in-house director of leasing, represented Mack-Cali.
- Wachovia Bank, N.A., renewed its lease of 22,500 square feet at 50 Main Street in White Plains for 10 years and five months. 50 Main Street is a 100 percent leased, 309,000 square-foot class A office building located at Westchester Financial Center in downtown White Plains. Maureen O'Boyle of Cushman & Wakefield of Connecticut represented the tenant and Carol McGuire, in-house senior director of leasing, and Jeffrey Warner, in-house vice president of leasing, represented Mack-Cali.
- Montefiore Medical Center renewed its lease for 19,000 square feet at 200 Corporate Boulevard South in Yonkers for 10 years. The building, located in the South Westchester Executive Park, is an 84,000 square-foot office/flex building that is 99.8 percent leased. Carol McGuire 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 277 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30.9 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,300 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," "plan," "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.