Mack-Cali Completes Repositioning of Bala Cynwyd Building
11/02/2006 Category: Leasing and Development
Edison, New Jersey--November 2, 2006--Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has signed a seven-year, 21,306 square-foot lease with the University of Pennsylvania Health Systems at 150 Monument Road in Bala Cynwyd, Pennsylvania, marking the completion of its repositioning of the building.
The University will use the space for its division of Home Care and Hospice Services, a Pennsylvania non-profit corporation, and its subsidiary Wissahickon Hospice. The 125,783 square-foot class A office property is 98.4 percent leased.
Mack-Cali has completed a significant capital improvement program at the building, with exterior and interior renovations.
Renovations at the building include:
- Fully renovated entryway and main lobby with new walls, finishes and lighting
- Refurbished restrooms with granite finishes
- New roof
- Building system and HVAC upgrades
- New monument signage and interior signage
- Common area upgrades
John Adderly, Mack-Cali vice president of leasing, commented, "We"re very pleased with the success we"ve had in repositioning and leasing up 150 Monument Road. It"s a terrific asset in a top suburban submarket." He continued, "At Mack-Cali we hope to continue to expand our presence in the suburban Philadelphia market overall and further enhance our reputation among tenants as a leading owner and manager of class A office properties."
When the Company acquired 150 Monument Road in December 2004, the building was 66% leased. Mack-Cali has since signed leases for nearly 78,000 square feet of space at the building.
Tom Hummel of NAI Geis Realty Group represented the University in the transaction and Mack-Cali was represented in-house by John Adderly and Christie McBride, director of leasing.
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 owns or has interests in 321 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 36.1 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," "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.